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Manila Bulletin devider Business devider The Stock Market devider FNI scraps plans to open $50-million steel plant

FNI scraps plans to open $50-million steel plant

Published Dec 27, 2024 05:25 am

Global Ferronickel Holdings, Inc. (FNI), a leading nickel ore producer in the Philippines, has decided to cancel plans to venture into steel processing which would have entailed the construction of a $50 million rebar steel rolling plant.

In a disclosure to the Philippine Stock Exchange, the firm said its board of directors was informed by the management of subsidiary FNI Steel Corporation that, upon assessment of its strategic priorities, it will no longer pursue its planned FNI Rebar Steel Project, prospectively explored since 2019.

“This decision follows a comprehensive review of market conditions, capital requirements, and the outlook of the rebar steel industry,” FNI said. 

It added that, “The Company believes it is in its best interest to focus on opportunities from its current businesses that offer greater long-term value—nickel ore mining and export, port operations and logistics, and ferronickel smelting—which continue to see strong demand driven by the global transition to clean energy and electric vehicles.”

In line with this decision, FNI Steel will also initiate the de-registration process with the Authority of the Freeport Area of Bataan (AFAB). 

While the steel project will not proceed, it has generated value for the company through the acquisition of land in Bataan that has appreciated in value. These assets will be strategically evaluated for profitable use. 

The company assured that it is committed to maximizing value for its stakeholders through continued growth in its current business operations.

FNI had planned to diversify into steel processing as part of efforts to explore value-added opportunities, noting the fast-growing steel demand in the country propelled by local infrastructure developments five years ago.

The firm had plannd to partner with Huarong Asia Limited (Huarong), a Hong Kong-based company headed by a veteran businessman with more than 25 years of experience in the stainless steel business.

Together with Huarong, FNI planned to build a Rebar Steel Rolling Plant in the Philippines which was estimated to have an annual output of 600,000 tons of steel bars.

FNI said the incorporated FNI Steel Corporation and FNI Steel Landholdings Corporation for this venture. FNI has a 51 percent share of FNI Steel Corporation and 60 percent share of FNI Steel Landholdings Corporation.

Also in 2019, FNI had subscribed to 1.67 million shares in Seasia Nectar Port Services, Inc. (SNPSI) valued at P450 million, which is equivalent to a 40-percent stake in SNPSI. 

SNPSI operates the first purpose-built Dry Bulk Terminal located within the Freeport Area of Bataan in Mariveles. The terminal handles shipments of coal, clinker, silica sand and cement raw materials, as well as steel, fertilizer and other dry bulk cargoes.  

SNPSI started out as a joint venture company among Seasia Logistics Philippines, Inc. , Nectar Group Ltd., and Web Technologies Inc.

“Our investment in SNPSI paves the way for the successful operations of our steel processing plant located in proximity to the terminal,” said FNI President Atty. Dante R. Bravo.

He added that, “It helps ensure we have easy and steady access to port services given that FNI Steel relies heavily on the importation of raw materials especially during this period of construction.”

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