The Development Bank of the Philippines (DBP) provided a P5.7-billion long-term loan to Compostela Steel Inc. (CSI) for its construction of the biggest steel-making facility in Compostela town, Cebu province.

In a statement on Thursday, the state-run lender said that under the loan agreement, the amount would be used to partially finance the Compostela Works Rolling Mill, with CSI parent Steel Asia Manufacturing Inc. investing the rest of the required capital amounting to P8.3 billion.