Global Steel sees better prospects

Global Steel Philippines Inc. (GSPI) is upbeat about the Philippines’ economic prospects next year due to a more stable political landscape and a much better investment climate.

"While the years 2005 and 2006 have been challenging to Philippine businesses, we expect economic prospects for 2007 and beyond to be quite upbeat," GSPI head of corporate communications Sangram Mohanty said.

"GSPI’s optimism is mainly due to a more stable political landscape and a much better investment climate which will naturally lead to more robust construction activities and demand for various construction-related materials including steel," Mohanty said.

GSPI has noted increased customer confidence in its products. The steel firm currently exports to the ASEAN, the EU and US and is finalizing plans to offer a new range of products.

"We are encouraged by very positive feedback from our local and international customers. This validates our quality production standards and our position as a market leader," said Bhim Sen Mohnani, GSPI president.

Mohnani said that "along with enhancing productivity and ensuring quality, we are now focusing on expanding our product offerings."

Mohnani said representatives from major Korean steel firms Dongbu Steel and Union Steel, who visited Global Steel’s Iligan plant recently, have expressed satisfaction with Global Steel’s exports to Korea.

Both Korean companies are now set to forge long-term business relationships with GSPI.

Customers in China have likewise expressed confidence in Global Steel products, according to Mohnani.

"We hereby welcome Global Steel in our endeavor to supply quality products to our customers. We are confident that our partnership will go a long way," said executives of China-based Ningbo Foreign Trade Co., Ltd, in a recent statement.

NFTC has trading ties with 112 countries and regions throughout the world and annual imports and exports worth more than $1 billion.

Another China company, the Shanghai Huaye Iron & Steel Group Co., Ltd., (SHISGC) also imports Global Steel projects. The Group’s business model includes steel processing, retailing, and distribution and logistics. It ranks 165th among the top 500 enterprises in China and 7th among privately-owned enterprises.