Philippine Sanjia Steel Corp. to invest Php800-M for steel manufacturing plant in Tagoloan

CAGAYAN DE ORO CITY - Another Chinese firm is planning to put up an P800-million steel manufacturing plant in Tagoloan, Misamis Oriental.

PHILIPPINE SANJIA STEEL CORPORATION, which is engaged in processing of raw materials into steel products including construction steel, industrial steel, angle iron and beam channel products, is eyeing a 47-hectare area in Barangay Baluarte, of which 22.6 hectares is within PHIVIDEC Industrial Estate.

PHIVIDEC Industrial Authority administrator and CEO Atty. Franklin M. Quijano led the signing of the Memorandum of Understanding (MOU) and witnessed by the Sanjia executives and other Phividec officials.

Quijano said the project will require only some 150 employees for the first-three years of operation.  After three years of its operation, however, employment is expected to rise to 300 personnel, Quijano elaborated.

The term of the contract will run for 25 years, renewable for another 25 years at the option of the parties.

Atty. Franklin M. Quijano clarified that Sanjia Steel Corp. is different from Panhua Group's plant, which is an Integrated Steel Mill which produces steel slabs from the raw materials.  Sanjia, meanwhile, processes the slabs into steel beams. 

The Panhua Group's plant is a $3.5-billion investment which consists of a port, a 10-million ton capacity integrated steel mill, an industrial park and other downstream industries which will be implemented in three phases and would generate some 50,000 jobs. [CDODev.Com]