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The Sad Fall of a Philippine Steel Giant
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- เผยแพร่เมื่อ 15 ส.ค. 2024
- National Steel Corporation or NSC had once been the pride of Philippine industry. One of the biggest companies in the country, and a rare example of a well-run government owned company.
Over a span of twenty years, the company employed over 4,000 workers at Iligan City.
The Philippines had a head start on almost every other Asian country in building a steel industry. NSC could have been a global giant but a confluence of factors led to its decline and failure by 1999.
In this video, we will look at the rise and fall of a national champion.
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Despite a location ideally suited to attracting investment from China, Taiwan, and Japan, a labor force that is relatively educated, english speaking with millions of successful overseas workers, the Philippines has failed to attract manufacturing investment. This is because no administration has managed to reform a shambolic, corrupt and chaotic regulatory and bureacratic business environment. Costs are artificially high due to oligopolies in telecommunications and electrical power costs are high. Importing parts and raw materials needed to manufacture competitively is difficult. Compared to Vietnam, manufacturing in the Philippines is a nightmare.
Philippines is having a hard time to compete in Manufacturing due to high electricity and logistic cost. Being an archipelago and isolated from the mainland Asia. Logistic cost to move raw materials and finished products is costlier. Thailand and Vietnam have the advantage because they are more accessible to China and the rest of Mainland Asia.
@@macolet9711 I wonder why I never thought of these.. how about japan? Also an island. But of course, culturally, historically they have an advantage.
@@omniyambot9876 Japan is one of the pioneers in Industrial Revolution. They used to have cheap labor and electricty before they become a developed Country. But, they no longer competitive as they used to, without Govt subsidy and assistance. Their main advantage together with Korea, Taiwan are their homegrown global companies which Vietnam, Thailand, Malaysia and Indonesia dont have. There will come a time that these countries will lose their competiveness too once labor cost will start to rise.
@@macolet9711 what countries? The SEA countries you mentioned? Also, is the Japan, Korea, Taiwan economy at its peak? Also, what makes Indonesia such a giant compared to Philippines? They are quite similar. Because has parts closer to the mainland? Connected to Malaysia?
It's okay if you don't want to answer.
I was wondering why the Philippines is the 3rd in Asean even with it's "protectionist" stance? Now that the Duterte government has released the "spirits from Pandora's box" ( Foreign ownership and further ownership liberalization through the "FOCI CLAUSE" filter and digitized automated governance leading to smooth ease of doing business).I wonder what's stopping the investors if as we speak right now the infrastructures are already in the works. What's stopping them right now from leaving Vietnam and Thailand like when they left India for the Philippine's BPO? What will stop them?
Moral of the story: if you're a government running a successful industrial business and your employees are happy and turnover rates are low, don't sell the company to greedy private investors! "If you want a job done right, do it yourself!"
nah, you're talkin about filipinos here.. they all want the glory but none of the responsibility
Fidel was a soldier doesn't know how to run a business even a government
@@darrellng7617 And are you Filipino yourself? Or are you some glorified foreigner thinking the world owes you a favor?
Anything that is government owned is usually run terribly and subject to corruption.
oh hey i see this factory almost everyday, didnt know it had this kind of backstory
You're a diamond in the rough Asianomettry. I shouldn't enjoy such dry topics and presentations but you make it work, I love these essays.
Couldn't have said it better
His presentation is simple and straight to the point, also i love how he didn't feel the need to add background music as i always find it distracting
I would call it nutritious.
Well structured information.
Lectures on math are „dry“.
What’s dry about the economic foundation of nations? 🇩🇪🤷
@@kingphiltheill 07777
What an interesting contrast to POSCO, South Korea's attempt at building up an indigenous steel industry. It was initially predicted to be an expensive failure but ended up producing steel at competitive prices and ended up supplying Korean industrial sectors such as automobiles and construction.
@Zaydan Naufal only one didn't start as a state enterprise.
@Zaydan Naufal yaaaa khuuuuuudaaaaa
@Zaydan Naufal Cosco is a Chinese shipping company, Costco is a store
We even use Korean steel in Canada!
@@WeatherManToBe we use Chinese noodles in India
My dad was one of those employees who lost their jobs due to the closure of NSC. As an accountant to the company he said during the time of fvr, the company was mismanaged and that there were too much higher level workers(manager supervisors and etc) than of the lower level ones.
perting looya sa taga iligan pagbaligya aning tabako ba
Surely much of those supervisors are just ghost employees and some of politicians is milking it
MY AUNT AND UNCLES LOSES THEIR JOBS DUE TO THE SELLING OF THIS FACTORY OF WHICH 15.K WORKERS ENDED FOOLISH LEADERS LIKE CORIKONG AND BOY BENTA RAMOS NGA KURAKOTS.
Nagabaan ang NSC.. daghan mga kabit, pamilya na bungkag.... Murag silot dyud sa iligan mga worker sa NSC.. usahay hambugero ning uban ha.. .. hai.. lahi ang balos sa Ginoo.. damay tanan..
@@alken4668 korek pod ka, daghannnn kabit g hambugero mga workers, nadamay tawn ang tarong, from industrial city of the south nahimong city of water falls pero permi way agas pa jud
One notable Philippine steel company that's been investing in expanding their capacity in recent years has been Steel Asia, which has invested several billion dollars in integrated steel mills over the past few years. They've offered to revive the Iligan steel plant.
I love Filipinas
Do you know if they’re in the process of buying it , or what the status is ?
Yes. Philippines steel company is expanding very fast.
I hope the government supports them by limiting or banning the importation of steel.
@@simonjames9481
Why should the government limit the market forces?
Let Free Market plunder your country, only the strong survive, and you are not strong enough if you need big daddy gubernment to save you, in fact just abolish your gubernment, let the Corporations run your country.
@@SMGJohn TF!?
This hurt to watch as a Filipino. Sucks, and I do hope we can finally revive our industries here with competent leadership…someday.
competent leadership? Ha in a million years i guess
with Marcos Jr being the president. That's gonna be a awhile T_T
Hahahahahahahahahahahahaha
@@aiman9088 He will be focusing on the same tired populist agenda that does not do anything to build the Philippines economy.
@@aiman9088 just be thankful that the original Marcos and his rival Cory (despite mothballing Bataan Power Plant) supported NSC. Marcos' second cousin Ramos ruined our NSC, resulting to a domino effect that critically injured our manufacturing industry.
Ramos is a soldier with no prior knowledge and experience about business and economics. When the government started to neglect its properties and companies, it gave way to opportunistic entities to slowly destroy Philippine economy from the inside.
No one is interested in success but yourself. It seems stupid that they just tossed management to ousiders, probably because it's own got overly corrupt. It's a common attempt to a common problem.
Ramos is a Civil Engineer wtf r u talking about
What really happened is that he just continued what Cory started. Cory is the one who initiated all these sellings of government owned industrial companies to foreign investors, to provide opportunity for conglomerates like the Sy, Lopez, Cojuancos etc. It's not like FVR is dumb, it's a planned scheme starting from ousting Marcos so that private companies can take hold of the Philippine's natural resources and start monopolizing the capitalization of the industrial companies like mining, lumber export etc. it is similar to the tactics of the South Korean chaebol where the government is slave to these private companies because they got too much unchecked riches and the government cant say no to them
@@wysteriousmimic1402 And he didn't do a good job developing those...
@@abdulfatahpandita1565 a civil engineer that doesn't understand the strategic value of steel.
The lack of emotion in your presentations is really appreciated. I don’t feel the need to apply criticism or read between the lines and you sound level-headed. You don’t spare any details. Even when I sometimes disagree with the information presented, I can’t help but also appreciate that you don’t incessantly hamfist your worldview in your videos. 👍
There's definitely a lot of emotion in the presentation: it's a very sad story of corruption and mismanagement and the loss of a country's amazing industry.
@@turdferguson3400 Emotion in the story itself perhaps, but not in his presentation of it. He always maintains composure and an even tone no matter the topic at hand.
i guess he records the script rereading so passed the first reaction emotions already
Yeah, to each their own. Some people can't pay attention to information, unless it's presented in an emotionally-engaging way. It's a different audience. Personally, I like dry, factual presentations like this. I would say "the general public" prefers emotional presentations. Tech and business people prefer dry and factual.
unlike real life lore.......
I live in Iligan City, and I'd say, there's a huge steel masterpiece at their admin building, it's beautifully made, like a huge canvas of steel art, welded by highly skilled welders.
Also, NSC was so popular back then, and the employers there were so rich they can even pawn their uniform. Even when I go to Cebu and ride a cab, when the drivers were informed that I live here, they'd immediately ask me about NSC.. I also had a chance to get inside the property, which is really strict before pandemic, and it's amazing, there are also a lot of preserved things there that were displayed like the first computer invented, the uniform, the helmet, etc., everything you'll see at NSC back then. It's not that easy to get inside though, so I was quite lucky to get the chance. Interestingly, there's a black horse roaming freely around it. :D
K. Choo....how tall R U?
They also have that giant robot before, about 30 - 50 ft. tall, like a Gundam. When I was a kid, I always make sure to see it every time we pass by NSC. lol
The NSC WAS SOLD THE MALAYSIAN, WINTEK AND LATER ON BY SISTER COMPANY. GOTEK AND THE LAST ONE WHO BOUGHT IT WAS FROM CHINA THE MACHINERIES WERE PIECE BY PIECE BROUGHT TO CHINA. ALREADY.
You are giving a Poetic perspective of an Industrial plant . . . I love it !
I'm from Iligan City as well...I got in there once during a GSP campaign. Have to say that the infrastructures as well as the abandoned objects are in a very poor condition that time. But the area is super huge. I really² want to tour the whole area however I was quite scared because of some random snakes that can possibly just crawl or even hang in front/above of me lolol.
As a Filipino I highly appreciate this video. It's so interesting that NSC was actually a somewhat successful example of a "government-owned- and controlled corporation" when the term has suffered a pretty bad rap and equated itself to corruption. It is indeed sad that the 1995 privatization basically sent it to its grave - and again, another trope inversion, this time that privatization can actually be a bad thing. Many thanks for this bit of history - there isn't enough of it being taught to my countrymen to be honest.
Privatization is not bad every country is doing....PLDT was once a dying government company until it was privatized. PAL is also the same
"Trope inversion"? No, that was the natural outcome. The reason you don't hear about this story/outcome often - unless you live in countries like USA - was because of laws preventing such things from happening, or at the very least, labor unions calling out the corporations to stop them from making a stupid move. It's only when stupid decisions were made - often capitalistic/neoliberal-centric - like F. Ramos and F. Marcos where things start going to shit.
@@arcsolomon6360 "Privatization is not bad"
LMAO you should talk with the Brits about that, especially about the privatization of their water and their trains.
@@arcsolomon6360 do you know the real history of PAL before and after Marcos regime?
@@magnusesophagus8195 dont talk about politics it was 1986 marcos who signed Presidential decree 2029 2030
After years working with steel as a boilermaker this was an interesting insight into the base product production in the Asia/pacific region. Well presented.
"The government ain't supposed to run a steel company"
- Fidel Ramos a.k.a. Boy Benta
American boy eh
Mga na impluwensyahan masyado ng American libertarians, especially Friedman.
@@leclanche7127 lol i was about to say the same 😂 Ramos was a man growing up under the US' influence but i think more and more countries are understand the importance of basic industry owned by the state.
LOL PH is not a private country yankee boy!!
Natumbok mo.🤣🤣🤣🤣
Minor correction: a blast furnace does not produce steel, it produces pig iron. To convert the iron into steel requires additional processing to remove the excess carbon, typically in a basic oxygen furnace.
Who would have thought that lack of innovation, incompetent management, overly generous compensation, and reliance on government bailouts ruins competitiveness?
What a great, extremely professionally made documentary -- so different from the many other, amateur and less polished videos coming out of the Philippines. I always wondered about the background story of Iligan Steel Mills and the Jacintos. Of course, you gave a very polite and refined version of ISMI's arc under the Jacintos and transitioning into it becoming nationalized under the venal Ferdinand Marcos' regime. In all its years as its own republic, one really wonders how the RP, with sending a few hundred of its best educated sons and daughters to Ivy League schools and the best Business Admins schools in the West (Wharton, London School of Economics), how the RP is still a corrupt quagmire. I think the story of ISMI is the best example of that continuing malaise which now gets a new chapter under a Marcos II admin, with a failed and fake Wharton "graduate" as the new president. Good luck, Philippines. You can't seem to get a break.
The people can't get break as the people keep voting for people they like and not people they need.
@Mr. Chairman Sadly, a lot of those 30 million votes are young ones, very impressionable 25 years and younger (who didn't even vote in 2016 when Leni beat BBM). So a lot of those naive Tik-Tok generation voters were born after 1990 and of course bought into the glossed-over, Cambridge Analytica-doctored bio of BBM and the tarnished Dross Age of his father's time! Am glad I got out of the Philippines 50 years ago. But sad to see such a blessed place led astray by new dazzling technology and no deeper sense of history. Hopefully, it won't repeat in the USA.
Ironically the best performing years of NSC was under the Marcos Administration and went downhill when preceded by the housewife who knows shit about managing the economy. 🤮
@@josephcadiao5751 LOL!! And Marcos did? Yeah, he had economists working for him to FUNNEL 35% of all the country's earnings into his secret bank accounts. Yeah, Mrs. Aquino was too IGNORANT to know about those devious, Machiavellian practices. So, on that point, you're right. Moron!
your 1987 Constitution's purpose was to stop a dictator and another Marcos from being elected again in national positions. Unfortunately, your constitution has failed you multiple times.
It must be changed
The company was looted by the original Filipino owners from the get go. Sales were exclusively channeled through a "marketing company", which never paid the steel mill while collecting the sales revenues from customers. The government was also left holding the bag by having to make good on the guarantees it issued for the loans by which the owners were supposed to pay the equipment suppliers. Having been built to a scale below the minimum economic size, the plant nevertheless saw a renaissance of sorts during the 80's through the combination of the earnest efforts of government appointed management, and tariff protection. During the 90's, the company was privatised by the Fidel Ramos administration, which inexplicably sold a bunch of other government owned assets besides the steel mill to dodgy Malaysian investors who merely looted the assets. Ramos also misguidedly lowered tariffs, supposedly to prod Filipino enterprises to become competitive without however building the infrastructure to help them operate competitively. The project never had a chance to fulfill its declared mission.
The Jacinto's?
@@CenturyPHirstCorporationInc Be careful not to tar the entire Jacinto clan.
the entire media was on it and it was said it was illegal abscbn had a coverage of the issues the lead poisoning. everyone was environmental and the smokes going out from its steel industries. in the first place, it should never be close to a city or town or village maybe it was close because of those issues. famous last words "the government does not run a steel industry" if the government had only run it and it was never privatized then maybe it had a chance. like this in modern times were people are doing volunteer work and unpaid jobs are common. then may be it can stay afloat longer
I agree, so sad.
am not even surprised..how much do filipino oligarchs help in nation building vs chaebols, its disgraceful.
I actually went to the place for a week during a Boy Scout Venture Camping Event. The place was full of Iron dust. Wherever you pick up dirt or sand there's usually Iron mixed in. Most of the equipment inside the rundowned buildings seemed very foreign due to its size and complexity.
I highly appreciate your presentation. Bad business decisions that started with American protectionist loan terms, compounded by greed & incompetent management lead to this sad state of this supposedly pillar of manufacturing and construction industry. I got depressed over a regretful wasted opportunity.
Export credit agency financing is routine for these kinds of purchases - most large countries finance exports of their own goods, whether the US, UK, France, Germany, Brazil, Canada, Japan, etc. China hands out $billions in loans and grants to countries globally, all predicated on Chinese companies doing the work/providing the goods.
I can't say what happened in the 1950s/1960s (though at the time, US steel-making equipment was probably as good as any in the world, given the US was then the leading steel-maker), but these days, companies would compete globally for the business, with export credit agency financing being part of the equation for the overall competitiveness of the bid. In other words, "protectionist" is, at least, reductionist in terms of what happens.
@@cv990a4 In summery every country looks out for it's own interests. Maybe a lot of failures can be placed on not enough love being spread around.
You can’t just blame American loan terms in general. The China clique led by Clinton, who orchestrated favorable trade status and WTO membership for their CCP allies had every reason to disrupt every other non Chinese developing East Asian industrialization.
China shares the majority of the blame as they enticed corrupt politicians in the US and philippines.
LOL....
It is the story of the Philippines mate..
How do you make a Filipino a millionaire??
Give him two million and wait a couple of months..
Corporations are merely ATMs for the elites..
Those factors (corruption's the most notable), added with P.R.China's steel dumping practice.. ultimately led to its downfall.
Knowing that we had a national champion makes me sad.
Coming from the same guy who sold petron. Look at oil prices now. Edsa was not about liberating the filipino people, but liberating the assets of the filipino people.
It's stupid to accept the loan via privatisation first.
The steel mill should be established under able people and governmental monitoring and support until it became a world class steel giant or well managed, then privatisation could be considered.
Able people and management matter most.
Look at the stories of Taiwan in establishing steel industry and semiconductor industry, you'll understand the differences.
@@kkklover89 please explain how you correlate the relationship between Petrons sale in the 90s to today's prices. Your second sentence is explains your comment as political spite when this is a channel about economic and scientific historical analysis.
@@andreascserna study first who sold petron and economic history. Your iq is the same as when edsa occured.
@@kkklover89 you come here making broad claims with no explanation then you call other people dumb for not assuming you are correct let alone explaining how it relates to a video about the history of the Philippines steel industry. Classic propaganda.
I live in Iligan for 17 years I am just a few to 7km away from it (i live in the eastern area, whereas NSC is at the west). My grandfather and mom used to work there. The NSC was so popular back in the day that workers from the said factory would drop off their uniforms to (let's say) Jollibee or any eating place which indicates payment will be made later on, if whatsoever the worker has no money. You would be considered lucky, and often talked about simply because you work at NSC. Those who are working at the factory but, have no place to reside, they would stay in a barangay (village) named Steeltown (if u know, you know). If I recall, the barangay costs is covered by NSC itself. During the pandemic, we (my family) were assigned to be there for a swab test, thus making my travel to the abandoned NSC a first time. It was like any other abandoned warehouse: rusty, still standing, some of the machinery left untouched, and some materials are not corroded or rusted. From country to country, the NS factory was used then abandoned again and again. The fact that the NSC was sold out to another somewhat degrades the pride and economy of the city. Along with the nickname of Iligan "The City of Waterfalls", (which the city was once called "The City of Industry"), it would've doubled the reputation of both the city and the country if NSC was still active today. Though I lack further knowledge of the NSC, this is all I can come up with.
edit: changed from 10 to 7 since it would waayyyy too far haha
Thank Fidel Ramos for degrading the economy of Iligan.
@@alma09876 yeah all this fckup-ery is the reason why (idk but) we won't change, but i might be wrong
The closure of NSC is what gives Iligan this feeling it has no idea where it goes from there. Wala na yatang ideya kung ano ba talaga siya. Given the rather uninspiring rules of various mayors (especially Regencia, I don't really understand his platform) didn't help much..
@@theotherohlourdespadua1131 totoo yun po pre, especially yung uninspiring rules of various mayors. Hindi po ako open sa kalakaran namin pero i would know if something is wrong or rather, lacking.
Thank you for your great quality content.
Excellent and interesting presentation.
Permit me to add one correction regarding the "classic" steel making process:
step 1: sintering (as you correctly state)
step 2: producing pig iron in a blast furnace (this requires coke as an additional component)
nowadays pig iron is mostly transported to the next step in liquid form via torpedo cars
step 3a: converting pig iron into steel in basic oxygen plant: oxygen is blown into or on top of the liquid pig iron and "burns off" the carbon contained in the pig iron
step 3b: secondary metallurgy: adding more "ingredients" to get the required alloy, degassing etc.
step 4: casting of the liquid steel: nowadays mostly continuous casting into slabs or billets
step 5: hot rolling of slabs / billets into thick plates or coiled sheet metal or bars
followed by optional steps like cold rolling, tin coating, pickling etc.
I find it quite strange that the construction of the plant was initially motivated by the desire to use domestic iron ore. This never happened as the plant obviously used just an electric arc furnace to recycle scrap. The building can be identified on google earth and is located at the Western end of the plant.
A fully integrated mill would have been a huge investment, though, as it would have required one or more blast furnaces, a basic oxygen plant and ideally a coke plant.
This coming across my feed brought back the memory of creating NSC’s first web site for it shortly after the Internet reached the Philippines in 1994. I was working at the US Embassy running IT at the USIA Publishing Center and had gotten us connected to the Internet via Mozcom, the first ISP there. Mozcom didn’t have anyone on staff to create web pages and the Netscape graphic web browser had just been launched so I volunteered to create a Mozcom’s web site and wound up running the server as web master. National Steel was also a Mozcom client and seeing someone from it on-line one day I initiated a chat session over UNIX and asked if they would like a web site. It took some weeks for the IT guys to get approval and supply a few photos I could scan and it didn’t have much besides contact info but it got noticed and mentioned a short time later in an Asia Business Week article about businesses in Asia on the net. That generated a lot of buzz about the Internet in the Philippine business community and led to me doing demos for Mozcom and teaching a class at the USIS library in Makati in 1995 on how to create and run a web site which was attended by 80 people from the IT staffs of media outlets and government offices including the entire IT staff of the Philippine President. I also started and ran an index site for Philippine content on the web named “Soc.Culture.Filipino” after the usenet group that inspired it which by 1997 when search engines made it obsolete had about 700 sites linked.
Always wondered what happened. My mom’s family is from a town an hour out and we always landed in Iligan from
Cebu by ship en route. What happened to Iligan is like what happened to Detroit or Manchester, industrial cities that decayed and became crime ridden.
what happened, stupid corrupt PH gov. local and Manila gov. and corrupt local managers is what happened. That is the story of the PH since the 70s, misrun
Lmao I can see that. Detroit is an industrial powerhouse, now, you cant get shit in Detroit.
I hope this Marcos' spawnling will prio implement and industrialize, unlike Digong's fetish of having a police and army empire. I have my hopes with the new Pres, even his dad is infamous internationally.
why the "crime ridden" part? Iligan is one of the safest cities in the country.
@@exudeku tbh I have low expectations for Marcos lol. He doesn't seem to actually care about the country but instead aims to wipe away the sins of Marcos Sr.
@@norm7312 lmao a Vtuber simp is giving opinions...
Yeah I also have low expectations too, pero lets cut the slack and see what 1 year in his administration would be. At least Leni is doing Samaritan works and not giving a shit about major politics now
I was an account officer of Security Bank and I visited that plant! I was amazed how huge it was when the hot steel would roll out and get pounded
It’s interesting how the story was different in Brazil and South Korea. For instance, In Brazil a large state owned steel mill (CSN) was privatized on the 90s, nowadays the company is extremely successful , generating jobs, paying taxes and being a key exporter.
Because of the lack of monopoly.
my father had worked as foreman in NSC (national steel corporation) before, and he retired early before it was bankrupt, he realized that NSC has been mismanage and many employee receiving salary while absent during working hours. gladly my father received separation fee and most of others aren't.
I love the idea of tracing fundamental industries and their history for different Asian countries. A fabulous report here. Thanks
Thank you for sharing this information. When I was young, my dad thought me about this company and how the Philippines is suffering in infrastructure since it can no longer make its own steel which should be a basic requirement for industrialization.
Im proud of TATA's that india from start always had a robust steel industry ran by a private sector
Steel is one of those industries where both public and private sector companies have been major players for decades, for example the public sector SAIL has a larger domestic production today than Tata steel.
This video is not about India. Stop forcing your "Indian pride" on off-topic content. Did you see any other people from country's like Germany, the USA, Japan, China or South Korea posting about how proud they are of their steel industry? The answer is no, because it's not relevant information to the video.
Rarely does a TH-cam video speak about something very personal to me. Born and raised in “Steeltown”! Great job with this video!
I have always wondered about that steel mill's history, since I grew up in that place. Passing by through the old abandoned mill, wondering what is beyond it's mossy walls. Now I know, and boy what a shame that is of how it fell from grace.
blame ramos
@@blackpepperburger oh! It's time to
Take it back all ! Make big ship for
Fishfolks, ECT¡ Navy's big destroyers, army's big cannón and
Main battle tanks and bolos
im hoping marcos will respawn this nsc for the people of the Philippines..
@@blackpepperburger nahh it was marcos sr who coz the collapse of National Steel .He put in experienced people when ML was declared until it collapse when he was kick out .
@@blackpepperburger privatization did more good things than bad (ex. utilities and communication industry improved) i guess it was just mismanaged
Wow. I honestly didnt expect there was enough published/public material out there to make a thorough research of any Filipino corporation. Much is usually cloaked in secrecy, especially since most nationalized/formerly national companies tend to be vehicles for slush funds of politicians.
Sa maraming obserbasyon sa mga kompanya sa pilipinas at sa mga ilang mga business ..kpag nagkaroon ng mga NGOs mass komplain at mga napasukan ng mga ilfitrator nang ilang unionista na maka leftist ay maaring hindi magtagal ang mga operasyon kpag hindi agad naresolba ang mga daing at mga hiningi na kung anu anupa ..dyan hindi tumatagal ang mga maayos na simula ..kaya wag maglagay ng mga union..at ibigay lang ang maayos na patakaran at suplay ng mga kailangan sa pagawaan at tama sweldo sa tamang oras at paydate..
Thank you for the very informative report on the rise and fall of the Philippine Steel Industry based in Iligan City.
It's a surprise, as a resident of Iligan City, to see a youtube video about this rundown, seemingly rotten steel plant near the outskirts of city proper, Its great to see the history of this plant (even though im a resident I didnt know about it's history and how it closed) as a resident.
It is sad to see what could've been a manufacturing giant getting closed down thanks to incompetent management, It's a good provider of jobs but i suppose it is what it is, random fact though, (maybe because of this closure) the city's title was changed from Industrial city of the South to The City of Majestic waterfalls. Anyways I love the video, informative and simple. Keep it up!
Seven waterfalls, still cannot provide cheap energy. ILPI is a city joke because of it...
I've been there weeks ago for a camping trip near iligan city, And seeing that mega facility my own eyes is pretty astonishing and also sad because of what happened to it.
My friend's father used to work in there as a office communication personel , he told us his work expiriences in nsc and how it crashed.
my dad is one of the disgruntled higher management because of what Ramos did! My Dad eventually was hired by SteelAsia, and he was one of the top dogs who established steelasia but now he is retired and enjoying his life here in the US with me
First time to hear a detailed narrative why we lost NSC. I used to buy truckloads of steel in the early 80's. Thank you!!
Now, the industrial center of the Philippines is Calabarzon, the only region where manufacturing and industrial sector is the largest contributor to regional GDP. The rest of the country's regions rely more on service (i.e. BPO, tourism, hotel, etc.) sector.
There is steelworks mill that is due to completion in 2023 at Batangas, hopefully that will be the start of steel industry's revitalization in the country.
Where in Batangas?
Huh? Never heard of that
Chinese owned?
Philippines mining industry for iron ore is also a major source of income. Samar, Surigao, Dinagat. Hope we will have industries that will process this mineral.
@@lightrain1227 Filipino.
Thanks to president Ramos “ boy Benta”. Philippines now importing steel instead of exporting.
Fidel Ramos' privatization drive is arguably the source of the problems in the Philippine economy today. High Utility prices, the loss of important state industries, companies and assets, and the grip of the oligarchy in all aspects of the economy.
Yet you don't hear the media talking about it because they profited from it... Ramos is a traitor who sold the country to the oligarchs and foreigners, that's the painful truth
@@justsomehaatonpassingby4488 True. And I think it is high time for the government to reclaim or restart some of these industries today.
Oligarchies are a problem around the world.
so Ramos sold the company. I believe he also sold other state-owned companies and privatized them. That's a big shame. Philippines could have been better if we did not sell Meralco, Petron and many other state-owned companies.
Yea, ideally the gov should have kept those crucial industries. But at the time , they say it was necessary due to a bankrupt government, neoliberalism, and an effort to root out crony capitalism.
When the government is poorly run, how you expect it to run a corporation well enough to compete?
@@ginochristiano1397 Selling GOCCs is an easy way out for them but it the real effect is being felt for years now since the privatization.
Privitizing everything haphazardly caused a lot of problems. The UK did it to it's railways and shit happened. Some industries need to be state-owned or at least be subsidized by the government.
@@henli-rw5dw "The government is shit at handling things, private companies and the free market will fix all of our problems and is the only way to run the economy"
After 1986, *PH* heavily favoured local business tycoons (mostly closed to people who overthrown the late Pres. Marcos), foreign investors are alienated by imposing such higher taxes and restrictions.
The new Government thought that by helping out the local capitalists, they would thrive.
They even sold their water and power companies to private businessmen causing a drastic spike in price.
Now, they're suffering a crisis that pushed its locals to work overseas as *OFW's* instead of creating industries that would provide jobs to its people.
I love people power.what a joke that is.
"NSC would have been a global giant"
The Philippines would have been a global giant.
*SIGH*
Thanks, Ferdinand :-/
In the postwar years leading up to this crook taking over, RP was the shining & rising star of Asia.
@@pushslice I'm not sure if you were watching the video details... "After martial law of 1972-IISMI was integrated to the NSC completed until 1974.expanding it's capacity from 141K tons to five years later to 450K tons in 1979 thus laying down the NSC golden age. "By then it exited survival mode and became the country's 11th largest corporation". Now I'm not sure if the frown (or smile perhaps)after the Ferdinand means you treat him as the "crook" as per documentary "One view is that the Jacinto's treated the IISMI as an ATM "and mismanagement of privates who took over cause the decline of IISMI...Let's be objective and stick to the facts provided....SIGH...
@@pushslice but as I understood from the video, the heydays of steel mill happened durin Ferdinand Marcos' years. Due to global crisis, subsequent government failed to aid in resurrectingu it. Pls go watch it again. Unless, of course, you want to stay biased with unsubstantiated left-wing beliefs.
@@TheKb117 i was replying to the original commenter's over-arching statement, which wasn't about NSC in particular.
Study the RP's economy and industry over those 20 years, please, go ahead (I have)...and guess what? I'll even 'spot' you all the human rights stuff for a moment, just for arguments' sake. Just focus on *equitable* economic development arc of the RP during the period.
FUCKING embarrassing.
@@pushslice it was ramos that sold NSC. marcos reformed the NSC.
Every failure, just like every success, has a story to tell. You told this one well. Very informative and in depth. I spent a lot of time throughout Asia during the 80’s and 1990’s and the steel industry along the waterfronts in each country was impressive at the time.
My father used to work here. My favorite moments here was every founding anniversary I think it was February. There were lots of activities for the children of the employees. Lots of free foods. I got to join a drawing contest which was my most favorite.
A correction in the steel making process. Iron ore fines are sintered in sintrring machine using coke breeze as fuel. The sinter is charged to the blast furnace with coke and limestone from the top of the furnace, from the bottom of the blast furnace slag is tapped off. And hot meters al that is liquid iron is tapped from the tap hole. This liquid iron is converted to steel in an oxygen converter called LD or BOF converter to liquid steel. Liquid steel is converted to billers blooms slabs in a continuous casting machine. The cast bullets blooms slabs are reheated and rolled in rolling mills to produce reinforcing bars section and plates and sheets.
Electric are furnace produces steel by melting steel scrap and refining and adjusting composition with addition of ferro alloys. It produces high quality steels it is not inferior to the blast furnace BOF steel. In fact very high quality steels for turbine shafts are produced in electric arc furnace.
Dakong salot gyud to ng mga Aquino, Ramos, wa Gabai ay! Gigabaan diay pero ulahi na apan may panahon pa sa pagbangon
Great Job - A very good book, well written, easy to get through quickly is The POSCO Strategy by William T. Hogan S.J. The Posco story is a natural for Asionometry to pick up to the present day from where the book ends.
I worked in a steel smelting company using scrap metals. The work is hazardous. The exposure of its workers from the work related hazards are tremendous. That is why the industry offered higher remuneration compared to the other industries. We documented the health hazards such as people who worked for an average of 20 years in the plant only last a year or two after their retirement. Steel industry should be located far from communities. It should be isolated. And a percentage of its earning should be set aside for health and hazards mitigations. This video is right with its conclusion. The cheap importations from China is the culprit that makes the sudden demise of the industry. Its the government who killed it in the first place. Now, why would China want a steel industry to prosper in the Philippines as a competitor? The present Philippine government administration will not revive a steel industry, not without the consent of Chinese patronage.
All the steel plants in Japan are located with communities living nearby.
@@alma09876 The smoke from the steel processing even if a filter is installed, it becomes more hazardous because, even if the naked eyes can't see the hazardous vapors emanating from steel processing causes cancer. When it rains, the contaminants stored in the roofs of the houses nearby would eventually go down to the sewer and to the ground.
@@teddyray3211 then tell your "contaminant theory" to the Japanese people who live for more than 100 years old.
@@alma09876 It is not a theory it is a fact. The century years old Japanese you are talking of is an exception but not the rule.
@@alma09876 Also in Europe - next big cites
Steel industry is extremely competitive worldwide. Most of the steel companies in the USA like Kaiser and US Steel are now defunct or on life support.
Nice content. To be clear, I don't expect catastrophic inflation anytime soon. But it doesn't hurt to bolster my finances ahead of uncertain economic times.
His trade execution quality and profiting is well structured with great financial features.
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Good good content.
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I've seen so many review about this man called Romero pieto who is he ?
Best practice is to credit the Reddit user, rather than just "Source: Reddit." Imagine if someone credited a clip from this video as "Source: TH-cam."
Im 33 years old and the word "NASCO" sounds very familiar. I recall now that when I was under 8 years old the word "NASCO" was always reported in Philippine evening news. During the 90s. Thats why it sounded so familiar to me even though I didnt know what NASCO meant
As a resident in iligan city ,NSC admin building was made as temporary college school named Colegio de Iligan and im one of their students ,everytime we went to our demo farm ( we have farm inside in NSC for agriculture students ) we seen somebody whos been likely conducting an inspection or site visit
My father used to work there, he mentions that NSC's downfall was because of politics from outside and inside.
These should be revived by the National Government. We still need steel for building our infrastructure. We should STOP exporting our minerals if they are NOT PROCESSED here in the Philippines. We should only export mineral if there is an ADDED VALUE on the said product
Im filipino and watching this is very sad
What we are all missing is that the Philippines is trying to industrialize under democracy government, Vietnam, S Korea, Singapore, Taiwan etc build their initial industrial capacity under a centralised government or dictatorship where state and national interests supersede people's interests.
Marcos era was a dictatorship and not so surprisingly the steel industry went stable. There was a lack of growth and complacency, but given all the debts taken in during those times for other projects and political instability, it's not surprising that it wasn't able to expand.
Fuck the following admins that stopped supporting vital sectors for industry and national growth.
Philippines in general is just a dud. In more ways than one
Yeah tbh industrialization only works with a strong centralized government
@@augustuslunasol10thapostle Not really, Australia industrialization value added in $ is almost equal to Philippine nominal GDP.
@@augustuslunasol10thapostle If you want it fast. Other countries like the US, Britain and Germany have their steel industry sprang up decentralized and powered due to infrastructure demands. For example, Andrew Carnegie's steel mill group in Pittsburgh, Pa. got a big boost after the Civil War due to the construction of the US Transcontinental Railroad...
Its a shame to see a major upstream industry go down like that. What I can't understand is why the government did not impose import duties on steel imports, so as to save NSC and all those jobs. The initial planning was on que to build up a boats and shipbuilding plus other downstream industries. Something was not right there, maybe to do with family feuds?
That's probably the case considering family feud is on high gear among the politicians during martial law
@Kosorou Gaming Archives He sold it because of debts. They need to find money to fund other projects but they cannot take anymore loans.
@Kosorou - Gaming Completionist it's bankrupt and losing money so do you still want to keep it? Even today the government is looking for MRT3 buyer because its losing money....just a simple arithmetic will tell you to let go of anything that is sinking
I worked with nsc during its glorious years and seen management changes. I can only compare its fate to a country depending on its leaders.
The Singaporean management team was not really incompetent at their real job: looting a public asset. Like any private equity vulture they bought the company to strip it of any remaining value and pass it on to someone else who get to pick over the scraps. It's like going to a strip shop for minor repairs. Governments too incompetent to run a business are more incompetent to not to sell it off for less than what it is worth for corrupt kickbacks and then waste taxpayer funds on an even more expensive bailout. Privatization is a politician's scheme for looting public coffers. Don't fall for the religion that their private equity friends can do it better. They will never make that promise in writing.
well said
Thanks for well presented information on an industry that was once the pride & joy of a country.
Thanks for sharing this video. My father used to work here. I was quite lucky enough to have the chance to visit the administration building. Lots of relics and untold stories.
Unlike the highly successful Corus Steel company owned by Tata in the UK. It is a shining example of how an industry should be run!
Thanks you sir. I hope it will open again for recycling scrap metal . Most metal after use sent to china and a there nation . Now this days it like a movie don't look up there more none scene problems. Now this days more people want to be happy able forget the problem and only few solve the problem in able to be happy . From Philippines again thanks you ❤️ Sir 😊 for sharing our history for the next generation to able to learn from past mistake.
I live in iligan and always wondered why people on the radio always said the closing of the national steel corporation is what made our city a much worse place to live in
the real reason is corruption itself....being a government corporation, this happens a lot...
I'd be interested in a video covering NIMH batteries. Very specifically to cover the patent war that oil companies waged against Toyota when the all-electric RAV4 debuted in the late 90s.
Your steel processing is a bit incorrect.
It's true that iron ore is pelletized and sintered prior to being sent to a blast furnace, but coke isn't added at this stage.
Coke is added at the blast furnace stage with the pellets to reduce the iron ore into metallic pig iron, which is further refined in Basic oxygen furnaces to Steel.
If it still sits there, then we can still do something about it. Hope Iligan City people someday would prosper again with such a promising Company, and its share to the Phillippines economy rise.
Awesome topic did’nt hear anything about that here in PH. Thanks for Covering.
The Philippines lost all its industries, mining industry, steel industry, textile industry, tobacco industry, copra industry, agricultural industry, etc.. If they some still exist today, the semblance they have now are pathetic. The Philippines have become import heavy reliant, with little exports. The Philippines is now mostly service-oriented sector and exports of labor whis is very sad.
We are actually outcompeted in our own homeland with the help of crooks in government making money for foreign interests ,as usual.
lesson to be learn, do not trust americans and anglo saxon, their only intention is to colonized every asian country.
I agree💯! Moreover, sadly more citizens also are having false hope on the so called Tallano gold that was promise by marcos which are being hype by many bloggers nowadays which are absurd! Leaders before election are promising a lot of impossible projects but yet failed to focus on job creation for the next generation. We can't just depend on forever searching better opportunity outside the country and leaving the family sacrificing the comfort of working in our own home soil.
@@user-cp3ph4ie4r FEM did not promise about shit. Nor BBM. Those people who claim to be heirs and owners of whatever shit they want to have used FEM's name to SCAM people. BBM himself denied and beg people not to believe in those claims and false promises.
@@akosiwaray1837 any reference on this?
Seems like the wrong pattern to build up an integrated steel making company. If you can't get blast furnaces capitalized, you'd be better off staying nimble and just compete in specialty niches.
I was a student during the best days of NSC and doing my internship in one of the expensive hospitals in Iligan city. Every time an NSC worker comes at the ER for admission showing his ID, then,that’s it, no more questions will be ask on whether he have medical insurance and all
(NASSCO )
(IISMI)
"National Steel Corporation"
Established on February 1974
My grandpa use to work in NSC.
Mechanical Engineer in the Hot Mill Department, Hot Strip Mill 2 (HSM2). PME Project Head Mechanical Works Group Hot Strip Mill 2 1989-1992.
Hot strip Mill 2 has a Walking Beam Reheating Furnace for reheating slab. 1 Roughing mill, 6 Finishing Mill Stand, Laminar Flow Cooling and a Down Coiler.
Hot strip mill 1 on the other hand has a Push type reheating furnace.
The Cold mill we have a, 2 stand Temper Mill, 5 stand Tandem Mill Electrolytic thinning lines, Batch Annealing lines (Batch Annealing Furnaces), and pickling lines.
NSC was our largest steel mill like no other. Able to Produce Hot and Cold Rolled Coils and the only Tinplate producer in the Philippines. Not only Limited to coils it also produce rods, bars and wire from billets.
Billets are from the BSP (Billet Steelmaking Plant). It has two 45 tons EAF (Electric Arc Furnace) and the main charging material is Scrap steel and Hot Briquetted iron. NSC have a small ship breaking yard northwest of the BSP.
A 4 stand Continuous Casting Machine is used for the formation of Billets. For the coil production we rely from Import of SLAB from other nation. NSC don't have a Blast furnace, Basic oxygen furnace and Slab casting facility. It was a dream of NSC to attain
A blast furnace to produce Pig Iron from iron ores in order to form slabs from it and will be use on Hot Mill for rolling. The final upgrade phase by the Government was Phase II-A. Upgrading Phases were (Phase I, Phase II-A, Phase II-B and Phase III) The next upgrading will be under the hands of its new owner. Sad to say when NSC was sold it never grew further. It was in the hands of its new owner the fate of the company. Political Agendas were also involved in the company along with other factors. President Fidel V. Ramos sold most of the government assets like his predecessor President Cory Aquino. He even sold Petron Corporation which is a government owned oil company under the wing of PNOC (Philippine National Oil Company). The lost of NSC's was a very big blow.
NSC is not yet a fully Integrated steel plant due to lack of blast furnace, basic oxygen furnace and its other auxiliaries. It was NSC's dream to acquire a Blast furnace and other related facilities.
The insides of NSC were not that known to the public or images of its facilities were not seen. I have gathered rare images of the plant facilities from former workers. I was very curious what the inside facilities looks like.
The NSC's logo compose of black circle which represents the rolled coils and trap inside it is a form of letter N. Having the ends of it a black square and the two vertex ends are colored red orange which represents slabs heated and it also represents residential house figure.
I wonder if it's the same thing with what happened to our copper refineries here in the Philippines. I hear there's also environmental issues with it cause they used a chemical process to purify raw copper.
Negligible
Canadians with their gov't help destroy and polluted the philippines copper industry, then left, without remorse of what they did. Payed a little bit to clean up pollution, but mot much compare to their profits.
@@yndiiatecow2536 We, and employees, often forget that businesses are there to make profits.
@@dgr8flav to make profits, but not to destroy environment, because it's not canadian soil, it's phillippines that will suffer and it's people not Canadian people, and their leader is calling everybody about environment protection what a hypocrite Canadians.
@@yndiiatecow2536 bcoz of greed and corruption from our govrnment!
As someone who lives in Iligan city, the steel factory is often mentioned as a wasted opportunity for the city to be at the level of the other megacities in the region like Cagayan de Oro City and Davao City.
We would often pass the factory when going to the resorts just a few kilometers ahead, a relic of a bygone era of the golden age of Iligan. Massive rusted factories that may have been a source of income for thousands of people, such a shame.
Iligan is slowly transitioning into a customer service centric city, somewhat like Davao with more call centers every year.
Still though, a lot of the jobs in Iligan are provided by the massive factories producing feed, cement and coconut oil.
(Comment from Antipolo, Rizal)
I agree with you, brother. But if Iligan ever becomes a megacity itself, it would probably be twinned with Cagayan de Oro. Thus, making a new "Twin Cities" area.
With that, the Northern Mindanao Region will become the fastest growing region in the country in terms of economic growth.
@@revinhatol Yes, they may have become integral partners if Iligan continued it's industrialization efforts. There are cities between the two cities though, I would imagine that some kind of sea route would be established between them to transport the enormous amount of materials. Iligan already has ports but from my knowledge only one is government owned. The rest being owned by the other factories in the region that use it to receive cargo like black sand. It's a future I would have loved to be in but reality is often not that compliant to our aspirations. Still love the city though, still remains the most tranquil City that I can think of. Maybe I am biased but hey nothing wrong with being proud of one's home town.
@@revinhatol cdo has twin city in gwangha south korea.. if im not miss taken..
@@jbertrow1056 Yes, of course. But earlier, I mean like Minneapolis-Saint Paul.
@@revinhatol bro sister twin city na yan ng cdo pala ang iligan city.. noon pa pala..
The Filipino First policy has been the bane of Philippine growth all these years. Yes, National Steel was sold off... but also these 60/40 provisions in the constitution and Filipino First mentality has made us stagnant many years later on. We must reform the constitution and remove numeric economic restrictions and leave them to be flexible in legislation. This move does not equate to selling off and making many companies privatized but at least we can try to be more friendly to FDI like our ASEAN neighbors.
What I mean is that it does not help that we don't have great performing government owned companies and at the same time being closed off to foreign direct investments that could help us in areas like education or mass media (entertainment).
The large, continuing problem is the Philippine bureaucracy, form of government, and government decision-making.
Our system of government (our shitty Presidential System) does not allow for a meritocracy that encourages economists and scientists to lead the charge -> it chooses those with the highest popularity and deepest pockets instead.
If we are going the route of a liberal democracy, a parliament would be so much better. And like with BARMM, each capable region should become autonomous.
#CoRRECTTheConstitution
#FedParlFDI
Well researched and presented, thank you for all the work and for sharing.
Philippines has a lot of potential in building its own industry but the lack of management and the lack of government support is always the cause of down fall of corporations here thr Philippines.
mga ganid sa pera at kapangyarihan lahat ng sumunod ke PFEMSr eh
Reminds me of what General Douglas MacArthur told Dwight Eisenhower regarding Manuel L. Quezon (during American occupation, before WW2).
"He’s always had one glaring weakness. He has too much faith in his own people."
- And I think it's true.
Filipinos are noble and prideful people.
We love to think of ourselves as "great people with a great past but was just ruined by an incompetent government", but the real problem really lies with its people.
In reality, Filipinos are not that great. We have a shameful religious and conservative culture, that's why we don't even have many people with scientific minds.
And even if we have some scientific minds, those Filipinos usually migrate overseas because of lack of opportunities.
Mainly because of our political system (Unitary-Presidential system, which is exactly a popularity contest like in beauty pageants) and the faulty 1987 constitution (especially its FDI restrictions).
If you really want to fix this, first we really need to shift to a Federal-Parliamentary form of government, just like what the United Kingdom, Germany, Australia, Canada, Japan and other developed nations have).
We do have a lot of scientific minded people, but they go abroad for a better opportunity. It has nothing to do with our culture or religion, we are just a poor and developing country that doesn't prioritize them.
I think the best form of government is the single party system of china. they only get the best and the brightest to join the ranks of the party. they can easily and quickly adjust and make amendments to their laws when urgent need arises because there is no opposition blocking the process. contrast that to multi party system where the opposing sides are always fighting against each other. unlike other big economies, billionaires in china cannot dictate nor capture the regulator.
@@g7enn89 Intense religion and science people do not mix well. Science type tend to be open minded and question things. They need some acceptance of their social quirks. Nerds need some space to work shall we say. I hope that will happen some day in your country.
Thank you so much for the research on this video. (P.S. noticed at 10:25 - I believe the video script is explaining the 1980s but the title card and timeline says 1990s).
*French kiss* 👌
Gotta love these case studies on these national champions are by far some of my favorites.
Really sad
My uncle used to work at NSC, now he works overseas together with my father, possibly due to better opportunities or because of lower working conditions that he didn't really agree with, now, me and my cousins pass by that building and always wondered from a young age about if that building was ever abandoned or just looked worn out, as there were still lights in the building although the buildings look like they are in very harsh and poorly maintained, thankfully this video gives us insight on the topic as well as the background of why or how it is what it is now.
Thank you for an unbiased and objective view of this matter.
Bruh President FVR 11:41 🤦♂️
There are goods and bad in the 90s theres a lot of improvement but HE GAVE IT AWAY
I know a nephew of Ramos and he never liked his uncle.
Because he is an american boy
@@CDeuce152 who would. To add insult to injury Miriam was cheated by Ramos during the elections think of our nation today if Miriam won and lead us.
wow, got goosebumps listening to this, i didn't even know nsc existed, just think of how the philippines would have been if incompetence wasn't in play in handling the company, the philippines have the raw materials, but instead of processing it here we send it to other countries! they do the finishing & guess what we import the final product that should have been done here in the first place!? you do the math! just "genius" 🤦♂️
My Aunt and uncle met and got married from this company we were also blessed by this company my mother could ask my aunt help financially during our Colleges years too. I really love ILIGAN City we've been there lasts 2016 & 2018, u love wearing the Levi's pants like and the polo White shirts and dark red colored Collard Tshirts.
We love to go to TIMOGA FALLS. I DO REALLY MISS ILIGAN CITY IT'S A CITY IN SUBURBAN AREAS, THE CLIMATE IS COOL ESPECIALLY IF YOU GO UP TO ITS CITY HALL.
Full privatization eh? No wonder then. They should look at how Singapore and Indonesia "privatizied" their state companies, where the Gov still hold biggest shareholder.
We have also a giant steel company owned by the government, called Krakatau Steel. Facing problem because of competition with cheaper imported steel and some invesment agreement with investor to use their country steel products.
When the initial purpose of the steel company is for the country to move to industrialisation. But it failed, so is the purpose.
What I think the biggest drawback for us Filipinos at succeeding in business or enterprise is lack of TENACITY - the determination to succeed. I’ve been around long enough in many countries and interact with all kinds of people that I found this lacking in average Filipino, including myself. We are easily swayed by circumstances and easily give up the fight. And this is the reason why we don’t see popular Filipino brands around the world despite the 110 million Filipinos vs 52 million South Koreans.
Well, the RP has more international beauty queen winners than South Korea or even the USA!!
@@mylesgarcia4625 lol beauty queens
We have Pacquiao, Leah Salonga.. and APL de AP.
@@cchannelmez6355 oh wow now our country can be a first world nation thanks to these people.
Philippine Steel Corp will rise again. Mark my word.
I am a US citizen, but I hope so too. Steel is important for development, infrastructure. No one country should have a monopoly on steel. It is recyclable, and useful for so many things. Especially light gauge stuff. Believe it or not, even the rust is recyclable.
Want a super depressing story. I was able to tour this steel mill in my highschool years and was so amazed by the blast furnace and other structures there. Later I learned they only made pig iron not steel.
Let this be a lesson to everyone, protectionism does not benefit any developing economy.
I noticed that most of recent huge companies had started a humble start, especially in 50s of the past century, and i heard that in midleast had the same soul to start, i heard that Aleppo in Syria was a promising industrial beginning for this area of the world: automobiles, televisions, radios,... (I am not pretty sure, they are strong rumers) . If that was true .. why it did not continued? I doubt that is because of Arab-Israeli conflict because every country has a conflict and more brutal than in midleast .. again if that was true .. why this movement stopped in midleast?
Thanks.
The smart Arabs (who were mostly Christian) left or were chased out. And the dumbest/poorest ones suddenly had lots of surviving kids, so that part of the population exploded. The (smart, Christian) Arabs are doing very, very well in Latin America now.
Probably not the explanation you would prefer to hear - and it’s not the whole explanation. Unfortunately, it’s not wrong.
conflict isn't the norm - middle and southern India hadn't had a proper military action in atleast a century
war isn't the norm it's the exception in the modern world
@@aravindpallippara1577 exception ! Or acception?
Thanks.
It could´ve been just soviet influence. Soviet union was always gifting all sorts of investments to any country which have shown any political alliance in order to achieve its political goals. Syria was especially important back then since the US started to support Israel and that was also the beginning of state anti-semitism in SU. That is basically the reason why russians destroyed Aleppo not so long ago, that´s also the reason why they were there to begin with.
@@sshko101 very convensing.
My dad was a marketing officer in NSC (1978-1997). In their heyday, my parents bought a big house, bought several cars, sent us all to private Christian schools. When the company suddenly shut down, all that was gone. The same is true for the 4,000+ families whose parents worked here. In the decades after 1997, NSC became a political capital for those who are running for mayor/congressman/president. They keep on promising to "bring back NSC"... We know it's impossible. The whole plant is as good as scrap. What a shame.
curios ko sir. what do you mean by "all that was gone"? Curios to know what happened to all the employees after the fall of NSC. Didn't they looked for another another job?
@@cb3122 "All that was gone" by that I mean the facilities have rusted, were not maintained, and some parts were even stolen by people and sold to junkshops.. Many employees went abroad. My dad went abroad too. I know an engineer in NSC studied nursing after that just to go abroad.
@@joshu6394 cory aquino is responsible for the downfall of the national steel
After EDSA she sold alot of our assets to oligarchs
Sad, i feel you dude
@@cb3122 NSC employees were mostly skilled workers in the steel industry. You cannot simply transfer to another industry... it does not work that way
You better blame Mr. Tobacco President..
Thank you for this informative video, please upload more such videos that bring light to different Philippine companies.
Very interesting presentation. Thank you.
I would suggest that any time you reference an amount of money (e.g., 2 million pesos), you also add an equivalent amount in dollars (and maybe also euros) adjusted for inflation.
I've seen other channels provide this information with on-screen text or subtitles.