Global Ferronickel to build $50m steel mill in Bataan next year
2020-10-23 08:59:13 [Print]
Global Ferronickel Inc. said on Wednesday it will start the construction of a $50-million steel manufacturing facility in Bataan province by the first quarter of 2021.
Global Ferronickel president Dante Bravo said the company would still push through with the construction by early next year despite delays because of the lockdown. "We hope to complete the construction at the end of 2021 and hopefully it will start contributing to the company's earnings in 2022," Bravo said. The plant, once completed by end-2021, will have an annual output of 600,000 metric tons.
Global Ferronickel announced plans last year to diversify into steel manufacturing to take advantage of the infrastructure development under the "Build, Build, Build" program of the Duterte administration.
The mining firm teamed up with Hong Kong-based Huarong Asia Limited for the project.
Global Ferronickel president Dante Bravo said the company would still push through with the construction by early next year despite delays because of the lockdown. "We hope to complete the construction at the end of 2021 and hopefully it will start contributing to the company's earnings in 2022," Bravo said. The plant, once completed by end-2021, will have an annual output of 600,000 metric tons.
Global Ferronickel announced plans last year to diversify into steel manufacturing to take advantage of the infrastructure development under the "Build, Build, Build" program of the Duterte administration.
The mining firm teamed up with Hong Kong-based Huarong Asia Limited for the project.
