Chinese iron and steel manufacturing company HBIS Group Co. Ltd. is planning to infuse $4.4 billion to construct an integrated steel complex in Mindanao in the southern Philippines.
A memorandum of understanding was inked by HBIS, Huili Investment Fund Co Ltd., Steel Asia Manufacturing Corp., Defense Secretary and Board of Investments. The scheme to be implemented by the companies will be spread on a 305-hectare land inside the PHIVIDEC Industrial estate in Mindanao.
The initial stage of the project, which is expected to create 10,000 jobs, covers the production of 4.5 million tons of hot rolled coils and 600,000 tons of slabs with $3 billion worth commitments.
Whereas the second stage involves increasing the steel manufacturing capacity to eight million metric tons and it is expected to create 40,000 jobs. The building and development period of the project is predicted to take three to five years.