Philippines' Global Ferronickel says to diversify into steelmaking

XinKong International Capital Holdings

29/03/2019 08:14

MANILA, March 29 (Reuters) - 
    * Global Ferronickel Holdings Inc  FNI.PS , the Philippines'
second-biggest nickel ore miner, said on Friday it would partner
with Hong Kong-based Huarong Asia Ltd to venture into steel
processing
    * For the joint venture, Global Ferronickel told the
Philippine
Stock Exchange that two companies would be created -- FNI Steel
Corp and FNI Landholdings Corp -- in which it will have 51
percent and 60 percent stakes, respectively
    * Global Ferronickel said Huarong was headed by a veteran
businessman with more than 25 years of experience in the
stainless steel business, but did not name him
    * The joint venture will build a rebar steel rolling plant
in the
Philippines, which is estimated to have an annual output of
600,000 tonnes
    * Global Ferronickel said it decided to diversify into steel
processing given the fast-growing steel demand in the
Philippines amid an infrastructure boom


 (Reporting by Enrico dela Cruz; Editing by Subhranshu Sahu)
 ((enrico.delacruz@tr.com; +632 841-8934; Reuters Messaging:
enrico.delacruz.thomsonreuters.com@reuters.net))