China's Panhua plans Philippine steel mill
Chinese steel producer Panhua has signed an initial agreement with the Philippines government to set up a 10mn t/yr integrated steel plant in the country.
Jiangsu-based Panhua proposes to invest $3.5bn for building the plant, downstream industries, an industrial park and a port. Details of these projects were unavailable. The entire project is expected to be built over the next six to seven years.
The Philippines produced 1.37mn t of crude steel in 2017, up by 28pc from the 1.07mn t in 2016. It imported 5.68mn t of steel last year, up by 3.5pc from the previous year.
Steel capacity addition in southeast Asia has picked up over the past few years, with integrated plants starting operations in Vietnam and Malaysia.
source: Argus Media
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