Manila, June 26 -- Global Ferronickel Holdings, Inc. (FNI) announced that it is investing USD50 million in the production of steel rebars, as part of efforts to explore value-added opportunities.
"We are seriously looking at it because of the heavy importation. Local manufacturers cannot cope with local demands," said FNI President Dante Bravo, in a press conference at the sidelines of the company's Annual Stockholders Meeting held Wednesday at the Dusit Thani Hotel in Makati City.
"It's really an opportunity, and we hope to be able to operate within two years or in 2021," he added.
FNI, the second largest nickel producer in the Philippines, will be partnering with Huarong Asia Limited (Huarong), a Hong Kong-based company headed by a vet...