Perusahaan Sadur Timah Malaysia Bhd (Perstima) announced plans to set up a new plant for the manufacturing of tinplate and tin-free steel (TFS) in the Philippines, subject to the approval of the local authorities in the Philippines.
Perstima has conducted a feasibility study on the market in the Philippines which has a population of approximately 100 million and there are no existing tinplate and tin free steel manufacturers in the Philippines. They report that the annual domestic demand is approximately 220,000 tonnes comprising 170,000 tonnes and 50,000 tonnes of tinplate and tin free steel respectively. Currently, the tinplate and tin free steel in the Philippines are sourced from other countries hence, there is a potential market in the Philippines. In addition, they reported that there would be incentives for tinplate and tin free steel manufacturers as a base industry to be provided by the Government of the Philippines to support the Philippines economy if the proposed investment meets the criteria set.
Further announcements will be made by Perstima when the relevant approvals from the local authorities are being obtained.