Pula Steel bounces back to life

Pula Steel’s liquidation has dragged since it closed in 2017, just two years after it was built at a cost of P130 million strained by financial and technical challenges, particularly the shortage of its raw material, scrap metal.

The latest sale value suggests a 'pennies on the pounds' settlement for creditors, who are reportedly owed about P100 million. However, it also represents the best deal in a troubled period in which previous suitors have broken the transaction terms and in which the liquidation process has also suffered lawsuits from the plant’s founders.