Global Ferronickel Inc. said Friday that its board received information from FNI Steel Corp. that it will no longer pursue the planned FNI steel rebar project which had been under consideration since 2019.
It said the decision follows a thorough review of market conditions, capital requirements, and the long-term prospects of the rebar steel industry.
Instead, the listed company that trades under the symbol FNI has chosen to concentrate its resources on its core operations—nickel ore mining and export, port operations and logistics, and ferronickel smelting—sectors that continue to see robust demand, driven by the global shift to clean energy and the increasing production of electric vehicles. FNI believes that focusing on these established areas will provide more sustainable long-term value for its stakeholders.
In line with this strategy shift, FNI Steel will also begin the process of de-registering with the Authority of the Freeport Area of Bataan. Although the steel project is being shelved, it has generated substantial value for FNI through the acquisition of land in Bataan, which has appreciated over time. The company will now assess these assets for alternative profitable uses.
FNI remains committed to maximizing value for its shareholders through continued growth in its primary business segments.
