SteelAsia Manufacturing Corp. said it had entered into an agreement with the world’s largest steel producer, China’s BaoSteel Group, to build a P108-billion integrated steel facility in the Philippines. | AldenMonzonINQ /PDI
Philippines, expanding further its capacity to produce materials used in infrastructure and heavy construction.
The Taguig-based Philippine steel company, which touts itself as the country’s largest steel producer, said the deal was signed by Benjamin Yao, chairperson and chief executive officer of SteelAsia and Li Huaidong, senior vice president of Baowu Group Zhongnan Iron and Steel Co., during President Marcos’ three-day state visit to China earlier this month.“This project will spawn new industries and wean the country from its perennial dependence on imports.
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