SHANGHAI, Dec 17 (SMM) – Chinese steelmaker Hebei Iron & Steel Group will invest $4.4 billion to build an integrated iron and steel plant in Mindanao of southern Philippines. The Group signed a memorandum of understanding (MOU) with Steel Asia Manufacturing Corporation on Friday December 14. 

This would be the biggest industrial investment from China to the Philippines, said Philippine Trade Secretary Ramon Lopez during the signing.

The plant will have an annual capacity of some 8 million mt, covering an area of 305 hectares. Construction is likely to take three to five years.

State-owned Hebei Iron & Steel is the second largest steelmaker in China and third largest in the world.