GIHL completes takeover of National Steel Corp
Global Infrastructure Holdings Ltd (GIHL), a member of Ispat Group, on Friday completed the takeover of National Steel Corp (NSC). As previously reported by SteelOrbis, GIHL's bid, including PhP (Philippine Peso) 12.25 billion ($217 million) to be paid in eight years and a cash payment of Peso 1 billion ($17.7 million) was approved in January 2004, however the sale was delayed due to problems regarding the terms of the agreement. In September, Land Bank of the Philippines (Landbank) announced that the sale of NSC to GIHL will be finalized in October. On October 15, GIHL completed the total acquisition of NSC, which produces 1.2 million tons of steel products per annum, including hot rolled coils and plate, cold rolled coils and plates, tinplates and billets.