Business

FNI prepares to build $50M steel rebar plant

Global Ferronickel Holdings Inc. is raring to start construction of its $50 million rebar steel rolling plant in Mariveles, Bataan in the first quarter of next year.

Global Ferronickel Holdings Inc. is raring to start construction of its $50 million rebar steel rolling plant in Mariveles, Bataan in the first quarter of next year.

The facility will have an annual output of 600,000 tons of steel bars upon its completion in 2022.

“We would have wanted to begin construction this year but it has been delayed due to the pandemic, specifically the imposed travel restrictions as some of our technical experts are based abroad,” said FNI president Dante R. Bravo.

To support the operations of the steel plant, FNI has acquired a 40% stake in Freeport Area of Bataan port operator Seasia Nectar Port Services Inc. for P450 million.

FNI said the move would help ensure easy and steady access to port services in relation to the importation of raw materials, especially during construction.

The company expects shipments to hit 5.6 million WMT this year.

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