IN a move to take advantage of the high prices of steel in the world market, listed TKC Steel Corp. (TKC) will start exporting this metal alloy to Saudi Arabia, its president and chief operating officer Anthony Dizon said Tuesday.

The company has recently concluded a contract to deliver an initial shipment of 10,000 metric tons (MT) of 5SPPS-grade steel billets by the end of this month.

“This will be the first time in recent history that Philippine-manufactured steel billets will be exported abroad, particularly to the Middle East,” Dizon said, adding that “the steel billets are now being prepared at the plant site of our subsidiary, Treasure Steelworks, in Iligan City.”

Steel billets are long, rectangular or cylindrical unfinished bars made of iron or steel. Current market prices range at more than $1,000 per ton.

Dizon said the initial shipment will be followed by a monthly shipment of about 10,000 MT to 20,000 MT to other prospective buyers.

“With world steel prices at their highest levels, the opportunity presented itself for the company to take advantage of opening new markets for Philippine steel billets and realize substantial gains from the situation,” he said.

Exporting billets is an ideal strategy for the company especially now that it is in the process of expanding the manufacturing capacities of its facilities not only in Iligan but also in Xiamen, China through unit, ZZ Stronghold Steel.

TKC, controlled by the Tiu family, is the only steel-manufacturing company listed at the stock exchange. It has controlling interests in Treasure Steelworks, which operates the largest billet-making plant in the country; as well as ZZ Stronghold, a manufacturer of steel pipes in the southeastern Chinese province of Fujian.

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IN a move to take advantage of the high prices of steel in the world market, listed TKC Steel Corp. (TKC) will start exporting this metal alloy to Saudi Arabia, its president and chief operating officer Anthony Dizon said Tuesday.

THE Court of Appeals (CA) yesterday issued a temporary restraining order   (TRO) enjoining the Nueva Vizcaya government from implementing its cease-and-desist order (CDO) against a government mining project known as Didipio Gold Copper Project,  which is being carried out by its contractor, OceanaGold Philippines Inc.

IT has been held that “where a single act or transaction of a foreign corporation is not merely incidental or casual but is of such character as to distinctly indicate a purpose to do other business within the State, such act constitutes doing business within the meaning of statutes prescribing the conditions under which a foreign corporation may be served with summons (Far East Int’l. Import and Export Corp. v. Nankai Kogyo Co. Ltd., 6 SCRA 725 1962).