Iligan Steel Mill

The Iligan Steel Mill was a steelworks in Iligan, Philippines. At some point during its operation, it was considered as the largest steel mill in Asia.[1]

Iligan Steel Mill
Built1952 (1952)
Operated1952 (1952)–2009 (2009)
LocationIligan, Philippines
Coordinates8°12′27.6″N 124°12′38.4″E
IndustrySteel
Area400 hectares (990 acres)
Owner(s)
  • National Shipyards and Steel Corporation (1952–1963)
  • Iligan Integrated Steel Mills, Inc. (1963–1974)
  • National Steel Corporation (1974–2004)
  • Global Steel Philippines Inc. (2004–2016)
  • Iligan City Government (2016–)

History

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

After NASSCO applied for a $62.3 million loan from the United States-based Eximbank to fund projects, the latter suggested a transfer of the facilities' management to the private entity. 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 which caused it to be unable to counter the dumping of cheap imported steel in the Philippine market. In 2000, the government ordered for NSC's liquidation.[2]

The Iligan Steel Mill was acquired in 2004 by Ispat Industries Ltd of India.[1] The company faced financial and labor issues, which led to the facility's closure in 2009.[2]

The city government of Iligan has attempted to auction off the 400-hectare steel mill in 2016 but there were no interested bidders.[2] The properties associated with the steel mill was then forfeited to the Iligan city government.[1]

Revival

SteelAsia has offered to acquire NSC's steel mill in Illigan.[3][4] The local government of Illigan is also attempting to reopen the defunct steel mill.[5]

References
  1. Arevalo, Roxanne. "Iligan City auctions Asia's former largest steel mill". ABS-CBN News. Retrieved 2019-01-27.
  2. Tomacruz, Sofia. "SteelAsia offers to revive defunct National Steel". Rappler. Retrieved 2019-01-27.
  3. "Three Fast Facts About SteelAsia's Offer To Buy The National Steel Corporation". International Business Times Philippines. 2017-03-20. Retrieved 2019-01-27.
  4. Pillas, Catherine. "SteelAsia wants to acquire National Steel Corp. in Iligan City". BusinessMirror. Retrieved 2019-01-27.
  5. Al Ian T. Jacob, April (June 18, 2018). "Iligan City to bring back National Steel Corporation". Philippine Information Agency. Retrieved 2019-01-27.
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