NSC body needs more time to study proposals

The National Steel Corp. (NSC) evaluation committee will not be able to complete its work this year following a delay in the submission of further requirements by the three major proponents to rehabilitate the ailing steel plant.

Allengoal Steel Fabrication and Trading Co. and Cathay Pacific Steel Corp. (Capasco) have asked the NSC evaluation committee for more time to submit additional clarificatory information about their lease offers.

The committee gave the two firms up to Dec. 19 to submit the additional requirements.

With the holiday season drawing near, sources admitted that the evaluation of the various offers may have to be extended up to next year.

The committee had initially projected that it would be able to complete its evaluation before the year ends. But the evaluation committee feels it needs more information about the lease offers of Allengoal and Capasco.

The three proponents were supposed to turn in these documents by Dec. 10, but only Voest Alpine was able to submit the additional information needed by the evaluation committee.

Capasco was asked by the Evaluation Committee to submit a monthly cashflow projection for the first year of operation as well as a more detailed rehabilitation cost estimate and a breakdown of funding sources.

Allengoal was also asked to submit a detailed rehabilitation cost estimate and a breakdown of its funding sources, plus its long-term plan beyond its two-year lease offer.

At the same time, the evaluation committee decided to hire an independent, objective and highly-respected "technical adviser " to assist them in the evaluation of the various offers.

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