Four suitors so far for Pula Steel

Friday, December 14, 2018

Pula Steel is attracting investor interest

Auctioneers handling the sale of Pula Steel have thus far received four ‘serious’ bids from investors interested in taking over what was the country’s first and only steel plant.

Pula Steel was placed under liquidation in October 2017, owing creditors, including BCL Mine, an estimated P100 million. The plant opened in 2015 amid much excitement as the country’s first steel plant, using scrap metal to produce steel billets.

Built at a cost of P130 million, the company operated in fits and starts due to financial and technical challenges, including shortage of its raw materials.

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