Uncertainty descends as Pula Steel sale grinds to a halt

Pula Steel was built at a cost of P130 million in 2015 and entered liquidation in October 2017 having operated in fits and starts due to financial and technical challenges, including shortage of its raw materials. Creditors, owed about P100 million, were left in the lurch following the plant’s closure.

An auction to hand the plant to new investors was finalised on January 31, but despite extensions, the winning bidder has reportedly gone to ground without making good on commitments.