FNI to commence work on $50-M Bataan steel plant | Inquirer Business
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FNI to commence work on $50-M Bataan steel plant

By: - Reporter / @kocampoINQ
/ 04:00 AM February 22, 2021

Listed Global Ferronickel Holdings Inc. (FNI) is set to begin the construction of its $50-million steel manufacturing plant in Bataan next month after being delayed due to the COVID-19 pandemic.

In an interview with the Inquirer on Friday, FNI president Dante Bravo said they were planning to jump-start operations this year.

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Once finished, the plant would have the capacity to produce 600,000 metric tons (MT) of carbon steel rebars annually, which would allow FNI, the second-largest nickel producer in the country, to gain a 6-percent market share in an industry that utilizes 10 million MT of steel every year.

Bravo said the plant, built in tandem with Hong Kong-based Huarong Asia Limited, would cater to the domestic market as the government continued to boost infrastructure projects.

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FNI acquired a 40-percent stake in Freeport Area of Bataan port operator Seasia Nectar Port Services to support the operations of its steel plant.

The province of Bataan is a strategic location, being part of an economic zone where imported raw materials may arrive tax- and duty-free.

Moreover, the location is adjacent to a power plant that would allow FNI to reduce its costs significantly. INQ

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TAGS: Business, Global Ferronickel Holdings Inc. (FNI)
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