Oliver 15 0 0 4 min to read

China’s SteelAsia to construct a $1.5 billion liquid steel mill in the Philippines

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Following the signature of a contract between SteelAsia and a Chinese company during the recent state visit of President Ferdinand R. Marcos to China, the Philippines will soon have its first liquid steel facility.

The bilateral collaboration agreement between SteelAsia and Baowu Group Zhongnan Iron and Steel Company, according to Philippine Ambassador to China Jaime FlorCruz on Saturday, is a component of the estimated USDD22 billion in investment projects and transactions that the Philippines clinched in Beijing.

To build the mill, the consortium will require at least USD 1.5 billion.

FlorCruz texted the Philippine News Agency, “This factory will have an annual capacity of up to three million metric tons of iron and steel, and is estimated to produce 2,000 to 3,000 employees.

FlorCruz stated that the Philippines is one of the few nations in Southeast Asia that does not make its own steel at the Saturday News Forum held at the Dapo Restaurant in South Triangle, Quezon City.

“The first liquid steel plant in the Philippines will result from this investment. This is a crucial step to kick-start our nation’s manufacturing economy. Mahalagang step iyon para maumpisahan natin “said he.

Consequently, “We can see that this project has a tangible aim,” he continued. “So makikita natin na tangible ‘yung goal ng proyektong ito.”

FlorCruz is certain that China will fulfill the remaining USD 22 billion worth of commitments.

“Una ay nanggaling sa taas sa iyong mga commitment, no Chinese companies have yet to sign. This time, I saw that the commitments and the MOUs were signed by a variety of organizations, not only Chinese ones. The pledges, in particular, came from higher-ups, so they weren’t just made by Chinese businesses. I can anticipate that this time, we will bring actual advantages, tangible projects and that the commitments and MOUs are approved by higher officials “said he.

On the other hand, he made clear that the Philippine side must work hard to see that these obligations are carried out.

“Our government agencies must make sure that the promises and agreements made would come to pass,” he said. “Our government agencies must make sure that the pledges and agreements inked would materialize.”

Manila and Beijing inked 14 contracts of cooperation this week when President Marcos was on an official visit to China, covering topics including infrastructure, tourism, agriculture, and trade, among others.

According to its description, the 1965-founded Steel Asia company provides more than 80% of the steel or reinforcing bar needs for the nation’s power, communications, and land, air, and marine infrastructure.

According to the corporate biography, “We are the preferred supplier of the largest contractors and property developers in the Philippines.”

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