Listed Global Ferronickel Holdings Inc. (FNI) is ready to start the development of its $50-million steel manufacturing plant in Bataan subsequent month after being delayed due to the COVID-19 pandemic.
In an interview with the Inquirer on Friday, FNI president Dante Bravo stated they had been planning to jump-start operations this 12 months.
Once completed, the plant would have the capability to produce 600,000 metric tons (MT) of carbon steel rebars yearly, which might permit FNI, the second-largest nickel producer within the nation, to acquire a 6-percent market share in an trade that makes use of 10 million MT of steel yearly.
Bravo stated the plant, inbuilt tandem with Hong Kong-based Huarong Asia Limited, would cater to the home market as the federal government continued to increase infrastructure initiatives.
FNI acquired a 40-percent stake in Freeport Area of Bataan port operator Seasia Nectar Port Services to help the operations of its steel plant.
The province of Bataan is a strategic location, being a part of an financial zone the place imported uncooked supplies might arrive tax- and duty-free.
Moreover, the placement is adjoining to an influence plant that will permit FNI to scale back its prices considerably. INQ
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