The Philippine Economic Zone Authority is leading the government’s efforts to turn a 450-hectare property of National Steel Corp. into an integrated steelmaking hub, PEZA said in a statement on March 24.

PEZA said it plans to transform the property into a productive ecozone to attract investors and stimulate regional economic growth. The site will have access to renewable energy produced from the Agus-Pulangi hydropower complex.

NSC’s operations have been shut since 2009. SteelAsia Manufacturing Corp., the Philippines’ leading steel producer, offered to acquire the company in 2017.

Maharlika Investment Corp., which manages the Philippines’ sovereign wealth fund, is supporting the revival plan.