China's Panhua Group has signed a contract with Xi'an Shaangu Power for a significant steel project in the Philippines, aiming to produce 3 million tonnes of steel annually. This initiative marks a substantial step in enhancing the country's steel manufacturing capabilities. The project is part of Panhua's broader investment strategy in the Philippines, which includes plans for an integrated steel plant that will contribute to both local and export markets. The agreement underscores the growing collaboration between China and the Philippines in the industrial sector, fostering economic development and job creation in the region.