Look: Around $1.8 Billion Investments Awaits National Steel Corporation in Mindanao - Daily Buzz PH

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Sunday, March 5, 2017

Look: Around $1.8 Billion Investments Awaits National Steel Corporation in Mindanao


The country's former dominant player in the steel industry, the National Steel Corporation (NSC) will be revived and around$1.8 billion of investments are now awaiting for disposal. The information was revealed 1st Vice Mayor Vera Cruz of Iligan City during a flag raising ceremony held on March 13, 2017.
It can be recalled that the closure of National Steel Corporation ignited unemployment rate in Iligan City to rise drastically in the past few decades. It was sold to under-capitalized Malaysian firm which turned its back and left the government holding the debt.
The said project will be the biggest investment to ever flow in Northern Mindanao region. The news brought positive reactions as for the people of Iligan.
The meeting with President Duterte and the investor surprised LGU Iligan. The investment is even bigger than that of the biggest mall in the country, SM Seaside Cebu. Video below is Vice Mayor Vera Cruz in his speech during the flag raising ceremony last Monday as posted in LGU Iligan City Facebook page.
Watch here

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