Monday, February 19, 2007 South Korea tech team finalizes plant inspection
THE technical team from Korea's largest steel company, Pohang Steel Corporation (Posco), arrived last February 13 here in Cagayan de Oro City.
The team, composed of engineers and other officials of the company, came for final evaluation of a prospective site of its nickel smelting plant at Phividec Industrial Estate in Tagoloan, Misamis Oriental.
City Mayor Vicente Emano said the investment would reach up to a whooping $1 billion, with an initial investment of $750 million once the firm pushes through with its huge project at the Phividec.
Emano is hoping that the said company will finally decide to invest here, owing to the city's conducive and investor-friendly atmosphere.
Posco originally wanted to invest in other areas in the country, but Emano said a business delegation from Cagayan de Oro and the province of Misamis Oriental managed to convince the firm to consider their options.
"Cheap labor costs, quality manpower, and complete modern facilities with full support from the local government are also advantageous to foreign investors," the city mayor added.
If the nickel smelting plant will be realized, this Korean investment is seen to contribute greatly to the economy of Northern Mindanao as well as to the island of Mindanao.
Posco is a 30-year-old company and the second largest steel manufacturer in the world that produces 28 million tons of crude steel per annum. (CIO)
