Tiu family eyes transfer of mining claims

The Tiu family is hoping to transfer its mining claims to its steel manufacturing unit TKC Steel Corp. either late this year or early next year.

The Tiu group has investments in various companies involved in a wide range of industries from banking to real estate, manufacturing, and hotel and resort properties. Among these are TKC Steel Corp., Sterling Bank of Asia, remittance service firm IRemit Inc., Discovery chain of small luxury hotels, the Mansions Group of serviced apartments in the old tourist district of Malate, housing developer JTKC Land, Dakota Residences, and Kent Vinyl Tiles.

It also owns the Discovery Suites in Pasig, Tagaytay and Boracay.

Ben Tiu, chairman of TKC Steel and Sterling Bank, said the company has already began road construction and is just awaiting the issuance of necessary permits. 

The group, through two corporate entities, own mining claims  in Mindanao.  It will primarily explore iron ore to complement its steel production business and take advantage of the growing demand for iron ore.

Tiu said the company will enter into partnerships for its planned exploration activities.

Demand for iron ore has taken off in recent years, led by rising steel production in China, now the world’s top importer.

Iron ore mining is a low-margin, high-cost business, where hundreds of millions of tons of material must be dug up and transported by railway to distant ports for shipment.

TKC and its subsidiaries produce world-class quality steel pipes and billets, serving the needs of long steel producers and various industries, from construction and water utilities, to oil and gas exploration and developments around the world.

Formerly SQL Wizard Inc., TKC,the only steel manufacturer listed in the exchange, has two subsidiaries Treasure Steelworks and China-based Zhang Zhou Stronghold Steelworks.

Treasure Steelworks operates a billet-making plant in Iligan City, Lanao del Norte. The plant, formerly owned by National Steel Corp., is the largest in the Philippines with an installed capacity if 300,000 metric tons.

Zhang Zhou, on the other hand, manufactures spiral pipes and electric resistance welded pipes for general construction, water transmission, and oil and gas applications with a production capacity of 200,000 metric tons of finished pipe products per year.