Early August this year, a Nordic European Company with major investments worldwide sent a letter to the undersigned informing of their desire to acquire National Steel Corporation, rehabilitate it, and setting up of an integrated (flat) steel mill.
Their proposals include:
- Acquisition of NSC plant facilities and the 400 hectares of real estate
- Installation of New and Modern Technology for the smelting and production of steel products (slabs, plates, HRC, CRC)
- Integration of NSC and Installation of LNG fired power plant
- Rehabilitation of existing NSC facilities including roads, piers, and others
- Development of Downstream Industries
- Development of sources of primary raw materials
For this endeavor, the proponent is allocating 3 Billion Euros (or at 55 euro to one peso One Hundred Seventy-five Billion Pesos (PhP175,000,000,000.00) with a 30% additional funding on related facilities and working capital. Construction is expected to be completed within 60 months. Presently exchanges of communications are on stream with the objective of facilitating preparatory activities taking into consideration the various processes involved. It is the desire of this administration that everything should follow the legal processes.
Communications and related documents are being prepared so that once the international flights are normalized, a group to group discussion will be made to finalize the investment and the projects!
A total of 6,000 direct-hire workers will be employed for this NSC project of this administration and its multiplier effects will benefit 60,000 families.
Source: Iligan City Information Office
