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Panhua Group to Start Works on Steel Plant in Philipines

Steel News - Published on Thu, 19 Sep 2019

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Philippine Star reported that Chinese firm Panhua Group Co Ltd plans to start works on the USD 3.5 billion first phase of its integrated steel plant in Misamis Oriental before the end of the year following the signing of a memorandum of agreement with the Philippine Economic Zone Authority. Apart from Panhua’s MOA with PEZA, eight other agreements between Chinese and Philippine firms were signed. Panhua Group chairman Mr Xinghua Li told reporters that the company intends to start construction of the first phase of the steel integrated plant as soon as it secures land in the PHIVIDEC Industrial Estate. He said that “We would like to start as soon as possible, probably by the end of this year.”

Mr Li said the plant would have the capacity to produce 10 million tons of products like steel slabs and galvanized steel annually, to be sold in the domestic market and exported to the European Union, US and Russia.

Panhua Group needs 300 hectares for the first phase of the steel plant, which should be operational after three years from start of construction. The first phase of the project would employ between 20,000 to 30,000 workers, but total employment could go up to 50,000 when the three-phase project is completed.

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Posted By : Rabi Wangkhem on Thu, 19 Sep 2019
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