SteelAsia offers to acquire National Steel in Iligan

ABS-CBN News

Posted at Mar 20 2017 12:30 PM

MANILA - SteelAsia Manufacturing Corp said it has offered to acquire the bankrupt National Steel Corp to help meet demand for the metal as the government rebuilds the country's infrastructure.

SteelAsia plans to manufacture plates, beams, billets, slabs and piles in National Steel's facility in Iligan City, SteelAsia president Benjamin Yao said in a statement.

The company is willing to negotiate with all valid claimants, including the government, for an asset-purchase arrangement, Yao said.

If the offer is accepted by the National Development Co, National Steel's Iligan site will be SteelAsia's seventh steelworks facility.