DTI forms special body to screen bids for NSC

A special inter-agency committee has been created to screen proposals and bids from parties interested in buying the National Steel Corp. (NSC), it was disclosed yesterday by Trade and Industry Secretary Manuel Roxas II.

Roxas said the committee was created following a meeting last week with the Malaysian investors and the creditor banks.

The committee is composed of Securities and Exchange Commission Chairwoman Lilia Bautista, National Development Co. general manager Ofelia Bulaong, NSC liquidator Danilo Concepcion, Roxas himself and two representatives each from the Malaysian investors and creditor banks.

"So far, only three firms have submitted their intent to operate the mothballed steel firm," Roxas said.

"These firms were Allen Goal, Glencore and Cathay Pacific Steel Corp.," he added.

Roxas said the Malaysian investors and creditor banks have also been asked to submit in writing their consent to the current process being underaken.

"While the Malaysian investors and the creditor banks had earlier given their verbal agreement to the process to resolve their differences, it would be better to have such an agreement in writing," he said.

The creation of the committee marks another step in the continuing struggle to resolve the differences between the Malaysian investors and local creditor banks so that the NSC can be rahabilitated.