Webcor inks accord with Baosteel of China

One of the highlights of President Arroyo’s recent trip to Beijing, China was the signing of an agreement by Webcor Construction Corp. of the Philippines and Baosteel Group of China for the availability of high quality steel for the Philippine market.

Webcor is a subsidiary of LK Global Holdings, Inc. and is the pre-eminent supplier of completely packaged pre-engineered metal structures from Atlas Ward of the United Kingdom. Their clients include SM City Malls in Pampanga and Davao, Ayala Corp., Moldex, Philusa, Fil-Estate, Adamson & Adamson, Best Rubber, and Fiesta World Mall in Lipa.

Lorenzo Ku, Sr., chairman of Webcor, said Baosteel is the largest state-owned steel manufacturer in China with assets of 178 billion RMB and is listed among the Top 500 corporations in the world in terms of assets.

The strategic cooperation between Webcor and Baosteel includes the exclusive importation and distribution of steel products and the utilization of Baosteel’s light housing materials in real estate development and the construction of low to medium cost housing in the Philippines.

The signing was witnessed by President Arroyo, Secretaries Mar Roxas of DTI, Vince Perez of DOE, Mike Defensor of the NHA, and the other members of the Filipino and Chinese business delegations.

Ku said they are on the lookout for asset rejuvenation and hope to consolidate it with Baosteel’s new technology and new material development to give impetus to the development of the Philippine steel industry.

Webcor’s principal activity is general building and engineering. Their line of business includes civil construction of commercial and industrial buildings; and of power generation and industrial plant structures; structural steel erection, and mechanical equipment erection.