TKC Steel Corp. ended the nine-month period with revenues reaching P3.3 billion, or 160-percent better than the year-ago level of P1.25 billion.

In a statement, the company said the growth was driven by increased billet production of unit Treasure Steelworks Corp.; the start of the commercial operations of China-based subsidiary ZZ Stronghold Steel Works Co. Ltd.; and the favorable price trend for iron and steel.

The Iligan-based Treasure Steelworks posted record-high revenue of P3.102 billion from January to September this year, up 148 percent from P1.253 billion a year earlier.

“Increased capacity coupled with favorable prices underpinned its impressive revenue performance. Sales volume rose to 124,843 metric tons [MT] for the period January to September 30, 2007 from 74,187 MT for the same period in 2006 or a volume expansion of 68 percent,” TKC Steel said about its unit in the statement.

Having started commercial operations in late second quarter of 2007, ZZ Stronghold is gradually growing its top line hitting P157.8 million for the period under review.

For the third quarter of 2007, revenue grew 39 percent to P91.88 million compared to the second quarter level of P66 million.

TKC Steel has just signed a deal with a China-based import and export company, Xiamen Xindeco Ltd., to supply the country’s first blast furnace that will double the production capacity of the company’s local plant from 300,000 MT to 600,000 MT a year by the fourth quarter of 2008.

Similarly, ZZ Stronghold is also set to double its production capacity for spiral pipes from 40,000 MT to 80,000 MT by adding an additional production line that will be fully operational by the first quarter of 2008.

Currently the only steel manufacturing company publicly listed and traded on the stock exchange, TKC Steel is looking to raise as much as P2.7 billion in fresh capital by selling an additional 235 million shares to the public.

The exercise will raise TKC Steel’s outstanding shares to 940 million shares, of which 260 million will be traded at the stock exchange. The Tiu family current owns 96 percent of TKC Steel.

“The increase in capital will correspondingly enable the TKC subsidiaries to expand domestic operations and support China venture,” said president Anthony S. Dizon.

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