Hongkong based steel firm, SIICGM Development Ltd. is set to invest $200 million into the Philippines, in partnership with local steel trader Mannage Resource Trading Corp. (MRTC) and in strategic response with the government’s plan to ramp up infrastructure spending in the country.
In their recently signed Memorandum of Understanding (MOU), the SIICGM and MRTC partnership intends to break into the lucrative reinforcing steel bars market as well as to build a steel plant that would become a leading supplier of quality but affordable steel products in the country.
SIICGM is a subsidiary of SIIC Shanghai International (Group) Co. Ltd. In 2015, the company turned over an annual $1.5 billion in products.
The $200 million deal reverberates the healthier China-Philippines relations under the Duterte administration who vowed to revitalize the steel industry.
“Steel is needed everywhere. It is the mother of all industries and the backbone of industrialization and will allow us to build all we need in our country like cars and weapons,” Duterte said in January, a few months before he won as Philippine President.
Source: Philippine Daily Inquirer and Philstar Global