PUBLICLY listed manufacturer TKC Steel Corp. said Monday its Iligan-based unit Treasure Steelworks Corp. got incentives from the Board of Investments (BOI) for capacity expansion and capability upgrade.

In a disclosure with the Philippine Stock Exchange, TKC Steel said the incentives provided in the Omnibus Investments Code of 1987 under the 2007 Investments Priorities Plan allows for duty-free importation of capital equipment and a three-year income-tax holiday.

Treasure Steelwork’s P400-million development projects include the acquisition of a ladle furnace, scrap processing equipment and improvement of its private port.

TKC Steel said its projects were awarded pioneer status under the provisions of RA 7103, also known as the Iron and Steel Industry Act.

TKC Steel added that another application for incentives for its blast- furnace project is also under consideration by the BOI.  

Set for completion in late 2008, the project is a major breakthrough in the history of Philippine steel industry, as it provides the last link that could place the Philippines on a par among Southeast Asian nations with complete steel making capability.

Anthony Dizon, TKC president, said the government’s support for projects would contribute to industrial and economic growth, particularly in the countryside.

“The BOI mandate strongly signifies government’s commitment to pursuing its medium- to long-term development thrust. TKC is proud to play a role in contributing to the success of that program,” Dizon said.

TKC recently concluded its capital enhancement exercise with a follow on offering, raising P2.3 billion to finance its blast furnace facility and the expansion plans of subsidiaries Treasure Steelworks and Zhang Zhou Stronghold Steel Works Co. Ltd., a manufacturer of steel pipes in the southeastern Chinese province of Fujian and a distributor to China and other export markets.

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PUBLICLY listed manufacturer TKC Steel Corp. said Monday its Iligan-based unit Treasure Steelworks Corp. got incentives from the Board of Investments (BOI) for capacity expansion and capability upgrade.

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