Global Steel plans Philippines venture

New Delhi: Pramod Mittal-promoted Global Steel Holding (GSH) is looking at setting up a 3.2-million-tonne integrated project in the Philippines. The company is looking at an investment of around $1.6 billion (Rs 6,400 crore).

“The formal agreement with the Philippines Government is likely to be signed by December this year and they have assured us adequate raw material and energy linkage to facilitate the plant,” Mr Lalit Kumar Sehgal, Managing Director, Global Steel Philippines, said.

The company proposes to convert its current 1.8 mt hot strip mill into the 3.2 mt integrated steel plant.

He added that the plant would be built in two phases. In the first phase, the brown field expansion would be carried out and during the second, associate works would be carried out.

“We are bullish on the growing steel consumption in the country and most of the produce from the plant would be for the local market, but the option of exports also will be looked into,” Mr Sehgal said.