It was originally Iligan Integrated Steel Mills (IISMI) before National Steel Corporation (NSC) acquired its assets and went into massive expansion program. During the height of its success, the steel industry in Iligan enjoyed 53% domestic market share. 

Back then, it was the leading producer of billets and flat-rolled steel and the only producer of tinplate in the country. The biggest state-owned industry occupied 450 hectares of manufacturing plant in Iligan City, producing about 1.2 million tons of steel since 1992.

But this great industry had been burned into ashes already. On October 2000, the Securities and Exchange C omission ordered the liquidation of NSC citing that it was unable to pay $350 million of debt. It was sold to under-capitalized Malaysian firm which, when the debt was high, turned its back and left the government holding the bag. 

The scrap iron business lost P1.4 billion and the shut down hurt local suppliers such as Mabuhay Vinyl Corporation and National Power Corporation. It did not just crush the country's own steel industry but also ruined Iligan's fabric of progress.

The closure ignited unemployment rate in Iligan City to rise drastically. National Statistics Office reported that prior to the closure of NSC, 14,000 unemplyed in Iligan and it rose to 18,000 after the complex shut down. This was due to some major industry that became part of the domino effect.

The downfall of National Steel Corporation could be traced back to the time when the country opened its doors to cheap imported steel products. NSC filed suits before Tariff Comission but it was later dismissed concluding fair competition from normal imports. The Foreign Investment Act of 1991 also allowed greater foreign investors' participation in local steel production. Privatization plans for NSC began as early as 1990. 

It was to limit National Government from competing with private sector. National Steel Corporation was sold to the Malaysians which borrowed heavily from local sources. It was again sold to Global Steel Philippines but the debt remained. At present, Iligan seized the entire NSC facility as tax payment.

Google Satellite shows the entire complex of National Steel Corporation. Note that it is labeled now as Global Steel Philippines Inc. Photo credit to Google.




Accordingly, the unpaid tax ballooned to about P5 billion pesos. It was auctioned, but because of its pre-existing conditions, no one won the bid. The old offer stated that the bid winner would be liable to pay the tax. 

However, Iligan's Local Government Unit (LGU) had chimed in a more feasible offer in exchange of the unpaid tax, thus, by virtue of Tax Delinquency Auction Sale last October 19, 2016, the city now owns the remnants of the NSC.

One of the manufacturing lines inside NSC was Ferrostan Electrolytic Tinning Line. Photo (c) The Grey Chronicles.




NSC fell back to the hands of the government but the steel industry it once enjoyed seemed forever lost. The Philippines have been overshadowed by giant steel producers in the world market since the fall of NSC. 

The Philippines lost the competition, therefore to revive the steel industry would be futile. Iligan City must look at it from a different angle to profit from the newly-acquired asset.

MEB sources told that the city plans to develop the area into a government center where it caters a city hall expansion. NSC facility comprises a basketball and tennis courts, a hospital, employees' quarter, a sports complex, and the steel factory. On February 2017, Posco Daewoo Company visited the complex for ocular inspection.

A tarpaulin posted outside the complex announcing that the City Government of Iligan now in control of NSC. Photo taken from Philippine Latest News website.




The area can also be converted into a new industry to host a naval shipyard or a canning factory. The wide complex is also feasible for business parks and special economic zones. A complete make-over will turn the old facility into Iligan's central business district.

It is Iligan City's turn now to play the cards of fate of the National Steel Corporation. The city might not be able to bring back its glory by playing its old game in steel industry but it can play the cards differently to win the game again. 

Sooner or later, National Steel Corporation, or let's call it the NSC complex, will play a vital role in lighting up a better future for Iligan.

The industrial complex is composed of several sections. Photo taken from http://www.cityofwaterfalls-iligancity.com/.




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