The City of Iligan is now the owner of the National Steel Corporation (NSC), local government officials headed by Mayor Celso Regencia announced on Friday via the city’s official Facebook page.
Iligan City has acquired all NSC assets including lands, buildings, machineries, facilities, equipment, tools, scrap, parts, etcetera by virtue of the Tax Deliquency Auction Sale last October 19, 2016. Its previous owner failed to pay the local government almost P5 billion in real property taxes.
Located in Iligan City, the National Steel Corporation or NSC was once the largest steel maker in Asia.
Formerly owned by the government, it was turned over to the private sector in 1995 — from a Malaysian investor to an Indian investor until its closure.
Local reports claimed the steel company has been operating on a per-order basis since the start of the turnover due to an economic downturn in 2009. In effect, workers are forced to leave, which also resulted to eventual shutdown of the company.
The country is currently relying mostly on steel imports despite the booming construction industry.
During the election campaign period, President Rodrigo Duterte promised to aggressively push for the revitalization of the country’s forgotten steel industry.