Global Steel Philippines Inc.

Global Steel Philippines Inc.,[1] formerly known as National Steel Corporation (NSC) and Iligan Integrated Steel Mills Inc. (IISMI), was a Filipino steel-making company, the largest in the Philippines. Its headquarters were located Iligan City, Philippines. The company was founded as National Shipyards & Steel Corporation in 1951.[2] It was sold in 1962 to Jacinto & Son, a private Filipino company, and was later renamed Iligan Integrated Steel Mills.

Global Steel Philippines Inc.
FormerlyNational Shipyards and Steel Corporation (NASSCO), Iligan Integrated Steel Mills, Inc. (IISMI), National Steel Corporation (NSC)
TypePrivate
IndustrySteel
Founded1951
Defunct2009
HeadquartersIligan City, Philippines
ProductsSteel, flat steel products, long steel products, wire products, plates

Once the owner of the largest steel mill in Southeast Asia, it was privatised thrice, most recently by Ispat Industries from India, before finally being shut down in 2009.[2]

History

It was established in 1952 as a government-initiated project as the National Shipyards and Steel Corporation (NASSCO).[2]

After NASSCO applied for a $62.3 million loan from the United States Export-Import Bank (Eximbank) to fund projects, the latter suggested a transfer of the facilities’ management to the private sector. The company was sold in 1963 to Iligan Integrated Steel Mills, Inc. of the Jacinto family.[2]

In 1974, NASSCO assets were absorbed by newly incorporated National Steel Corporation. NSC was later acquired by Wing Tiek of the Malaysian Westmont Group in 1995.[2]

NSC was severely affected by the 1997 Asian financial crisis. In 2000, the government ordered for NSC’s liquidation.[2]

NSC was most recently acquired in 2004 by Ispat Industries Ltd of India.[1][2][3] The company faced financial and labor issues, leading to their closure and operations have ceased since.[3]

Illigan has also auctioned the 400-hectare mill but to no avail.[1][3]

Revival

SteelAsia has offered to acquire NSC's steel mill in Illigan.[2][4][5] The local government of Illigan is also attempting to reopen the defunct steel mill.[6]

References
  1. "The case of Iligan steel mill". Philippine Daily Inquirer. Retrieved 2019-01-27.
  2. Tomacruz, Sofia. "SteelAsia offers to revive defunct National Steel". Rappler. Retrieved 2019-01-27.
  3. Arevalo, Roxanne. "Iligan City auctions Asia's former largest steel mill". ABS-CBN News. Retrieved 2019-01-27.
  4. "Three Fast Facts About SteelAsia's Offer To Buy The National Steel Corporation". International Business Times Philippines. 2017-03-20. Retrieved 2019-01-27.
  5. Pillas, Catherine. "SteelAsia wants to acquire National Steel Corp. in Iligan City". BusinessMirror. Retrieved 2019-01-27.
  6. June 18, April Al Ian T. Jacob Published on; 2018. "Iligan City to bring back National Steel Corporation". Philippine Information Agency. Retrieved 2019-01-27.CS1 maint: numeric names: authors list (link)
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.