Global Steel Philippines Inc. (GSPI), a subsidiary of Indian Global Steel Holdings Ltd., has announced its decision to proceed with its investment plan aimed at putting back into operation its shuttered facility located in Mindanao, the second largest and southernmost island of the Philippines.
The project, that will require $1.2 billion to $1.5 billion in investment, will be the largest of its kind in the country and will allow the company to produce all kinds of steel products for quarrying and mining, and also to produce iron ore upon completion.
GSPI plans to complete the modernization of the Mindanao facility in 2010.