According to the Philippine News Agency, the two companies will invest approximately US$1 billion to build the initial part of the mill. A memorandum of understanding was signed during President Rodrigo Duterte’s visit to China on 28–31 August.
“This is pursuant to the vision of President Duterte to establish the first integrated iron and steel plant during his term, which will allow the country to produce basic iron and steel products, including flat products. These are currently not being produced in the Philippines,” Department of Trade and Industry Secretary Ramon Lopez said.
The investment is being made as part of the Philippines’ aim to become a major producer of high-quality steel products by 2030.