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Philippines' SteelAsia to build $2bn plant with China's Baowu

Project seen feeding country's infrastructure drive and 'spawning new industries'

SteelAsia anticipates demand for the new plant's output from the construction, auto and shipbuilding industries.   © Reuters

MANILA -- SteelAsia Manufacturing will partner with China Baowu Steel Group to build a 108 billion Philippine peso ($1.98 billion) facility in the Philippines as the country revs up infrastructure spending.

SteelAsia, the country's top steelmaker, and Baowu, the world's largest, will select a location as soon as February for the plant. It will produce 3 million tonnes of molten steel annually to be used for finished steel products, the Philippine company said.

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