March 29, 2019 / 8:18 AM / 22 days ago

Philippines' Global Ferronickel says to diversify into steelmaking

MANILA, March 29 (Reuters) -

* Global Ferronickel Holdings Inc, 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)

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