Bloomberg cited Mr Lito Atienza Environment Secretary of Philippines as saying that China Metallurgical Group Corp is seeking to explore iron and build a steel processing plant in the Philippines.
Mr Atienza said China's state owned company may initially invest USD 1.5 billion for a processing plant in Zamboanga del Sur a province in southern Philippines. He said that investments may reach as much as USD 10 billion should the company decided to put up an integrated steel mill.
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