MANILA, Philippines — One of the world’s largest steel makers from China, HBIS Group Co. Ltd. is set to invest $4.4 billion to build an integrated steel complex in Mindanao. Steel Asia, a top rebar producer in the Philippines, has six production units located in Luzon, Visayas, and Mindanao. The project to be implemented by the parties, will occupy a 305-hectare land inside the PHIVIDEC Industrial estate in Mindanao. Lopez said the project would create 10,000 jobs in the first phase, and about 40,000 jobs in the next phase. He said the project would also help reduce the trade deficit by as much as $2.3 billion in phase 1 and up to $4.4 billion in succeeding phases.

Source: Philippine Star December 14, 2018 16:01 UTC