A $4.4 billion integrated steel complex, the biggest industrial investment from China to date, will soon rise at Phividec Industrial Estate in Misamis Oriental. This after the Memorandum of Understanding (MOU) was signed yesterday, December 14, 2018 by HBIS Group Co.,Ltd., Huili Investment Fund Management Co.,Ltd., Steel Asia Manufacturing Corporation, and PHIVIDEC Industrial Authority for the project which will generate over 20,000 additional job opportunities. HBIS Group Co.,Ltd., a wholly-state-owned company based in Shijiazhuang City, Hebei Province is the third largest steelmaker in the world.
Photo below shows the officials of the project proponents after the MOU Signing: (Seated from left to right) HBIS Chairman Yu Yong, Huili Investment Fund Chairman Meng Xiaosu, Trade Undersecretary for Industry Development and BOI Managing Head Ceferino Rodolfo, Department of National Defense Secretary Delfin Lorenzana, and Steel Asia Chairman and CEO Benjamin Yao. Joining them in the signing as witnesses are: (Standing from left to right) Secretary Lopez (center), China Embassy of the Philippines Counselor Jin Yuan (fourth from right) and Hebei Provincial Government of China Vice Governor Li Qian (fourth from left).
Watch the signing below.
In a press release by the BOI, the integrated steel complex will occupy a 305-hectare lot inside the Phividec Industrial Estate and includes facilities related to port operation, sintering, coking, pelletizing, iron-making, steel-making, steel rolling and further processing. Project implementation will be undertaken in two phases.
Phase I will cover production of 4.5 million tons of hot rolled coil (HRC) and 600,000 tons of slabs with $3 billion worth of investments. Meanwhile, the project will increase its steel manufacturing capacity to 8 million metric tons under Phase II.
Just last month, Chinese steel conglomerate Panhua Group Co., Ltd. signed a similar MOU with PHIVIDEC Industrial Authority and Philippine Economic Zone Authority (PEZA) for probably the same 305-hectare area inside Phividec.