The Philippines expects to receive up to $2 billion in investments from China to revive its steel industry as part of the 14 agreements signed during President Ferdinand R. Marcos’ visit to the latter country, according to a statement issued by the government of the Philippines.
The agreements, which include one between China-based Baowu Group Zhongnan Iron and Steel Company and Philippines-based SteelAsia to build a steel plant worth $1.5-2 billion in the Philippines, covers areas including agriculture, tourism, and trade, besides steel.
The steel plant in question will have an annual capacity of up to three million mt of steel, and is expected to generate 2,000 to 3,000 jobs, SteelOrbis understands. The plant will also reduce the Philippines’ dependency on steel imports.