Chinese steel firms plan to submit bid for NSC

Chinese steel firms plan to submit bid for NSC

According to recent market news, certain Chinese firms are planning to submit bids for the purchase of the shares of Philippines' steel maker National Steel Corp (NSC) on the condition that the deal of Indian Global Infrastructure Holding Ltd (GIHL) about the take over of NSC fails. However, the names of the Chinese firms are not revealed yet. Although the Chinese firms did not submit any offer by September 30, which was the deadline for the bids, the firms expressed their interests for NSC. Furthermore, LNM stated that it is ready to submit a bid for the purchase of assets of NSC, again on the condition that the deal of GIHL fails. GIHL offered PhP (Philippine Peso) 13 billion ($234 million) to acquire assets of NSC. Located in Iligan city, NSC went bankrupt and was closed in November 1999.