The US 4-billion dollar Integrated Steel Mill Project by the Baowu Group of China, is set to break ground soon at its 600-hectare site at Phividec Industrial Estate in Villanueva, Misamis Oriental. The project is expect to generate approximately 10,000 direct hires employment. This is based on an article from Philippine News Agency,
Considered to be the first in the Philippines, the integrated steel mill project is formed by China’s three leading companies – Huili Fund, Baowu Steel Group Corporation Ltd (China Baowu), and China Mettalurgical Group Corporation’s subsidiary, CISDI Group Co Ltd. (CISDI).
China Baowu, which currently ranks first in China and second in the world as the largest steel producer measured by crude steel output, will utilize state-of-art, green and intelligent technology.
Phividec officials led by Administrator Atty. Franklin Quijano visited Baowu’s steel plants in China last year.
It can be recalled that the Memorandum of Agreement (MOA) for the lease with option to purchase the 600-hectare property at Phividec was signed last year. Read our post below.
The Baowu Group together with A Brown Company Inc. also visited Mindanao Development Authority (MinDA) with Chairman Emmanuel Pińol.
The investors also visited Misamis Oriental Governor Yevgeny ‘Bambi’ Emano.