‘PHL must attract investments that help it make its own steel products’

Quick Summary:

AS the fifth most mineralized country in the world, the Philippines should attract more investments in the processing of basic steel raw materials such as iron ores and coal towards the establishment of integrated steel mill—one that will enable the country to manufacture its own steel products, according to the Philippine Economic Zone Authority (Peza).

Currently, 86 percent of the country’s steel needs are imported mostly from Vietnam, with SA only making reinforcement bars (rebars), Panga said.

Meanwhile, for Peza, Panga said, the agency can provide for the “best” location and business ecosystem for investors, adding that the agency hopes to host SteelAsia’s next big-ticket and most high-tech steel manufacturing facility in the ecozone.

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Article Details

Author / Journalist: Andrea E. San Juan

Category: BusinessStartups

Markets: PhilippinesCanadaItalyVietnam

Topics: Investments Production Cebu Country Manufacturing Industry Panga Country’s Products Steel Peza

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-10 @ 17:10:31 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Readers: 85 people read this story

Article Length: 682 words

Reading Time: 4 minutes read

Sentences: 18 lines

Sentence Length: 38 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 21567616

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Official Website: businessmirror.com.ph

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