09 Jul Panhua Group To Invest 3.5 Billion Dollars For An Integrated Steel Mill in Misamis Oriental
When completed, this will be the first integrated steel mill in PH and will produce thousands of jobs for Filipinos.
Mga higala! PANHUA GROUP, China’s No. 1 integrated steel manufacturer is now set to invest a total $3.5 billion for a steel plant inside Phividec Industrial Estate in Misamis Oriental. This plant will then be able to produce 10 steel product lines for various applications, complete with a modern port and a 300-hectare industrial park.
According to a post by Theo Panga, this initiative was made due to the fact that our country, the Philippines, is now ranked as the 17th biggest steel importer in the world with a total annual demand of 10 million tons of steel materials.
PH representatives led by PEZA (Philippine Economic Zone Authority) Director General Charito Plaza and PHIVEDEC Administrator Franklin Quijano recently went to the Panhua Group Headquarters in China and visited their steel mills. After various dialogues with Panhua’s top executives, PEZA and PHIVEDEC then signed a Memorandum of Understanding (MOU) with Panhua Group.
Check out the post below for more details:
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