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Chinese steel firm investing $205M in Philippine project
Publication Date : 18-06-2014
Chinese steel manufacturer Panhua Group Co. Ltd. is investing 9 billion pesos (US$205 million) in an export venture at the Subic Bay Freeport in Zambales, Philippines, the state-run Subic Bay Metropolitan Authority said Monday.
SBMA said in a statement that the proposed project at Subic Bay, which was approved by the agency’s board of directors last February, will allow Panhua to export 42,000 metric tons of steel coils and metal sheets starting the first quarter of 2016.
SBMA chair Roberto V. Garcia noted that the entry of the Chinese manufacturer in Subic attested to the growing attractiveness of the country as an investment site.
“More foreign direct investments (FDIs) are pouring into the Philippines because it has earned the trust of investors after it received investment upgrades from different rating firms,” Garcia said.
The Panhua Group is a large-scale manufacturer and wholesale supplier of cold-rolled steel coils and sheets, galvanised steel coils and sheets and pre-painted galvanized steel coils and sheets.
It is also engaged in shipping, real estate, mining and logistics in China.
Data from Panhua Group’s website showed that the Panhua Group was incorporated in 2004. At that time, the company had three steel mills managed separately by Zhangjiagang Huada Coating Co., Ltd, Zhangjiagang Wanda Steel Strip Co., Ltd, and Jiangsu Huasheng New Building Materials Co., Ltd.
Since 2006, Panhua has been exporting steel coils to more than 50 countries including the United States and the United Kingdom.