Global Ferronickel Holdings Inc. (FNI) has announced the cancellation of its $50 million steel rebar project in Bataan, Philippines, a plan it had been exploring since 2019. The decision follows a thorough assessment of market conditions, capital requirements, and the outlook for the steel rebar industry. FNI's board concluded that focusing on its core businesses—nickel ore mining, port operations, and ferronickel smelting—would provide greater long-term value. The company will also begin the de-registration process with the Authority of the Freeport Area of Bataan while evaluating the appreciated land acquired during the project for profitable use.