The Philippine government is considering building an integrated iron and steel facility in the country.
The move is prompted by the unstable and increasing prices of iron and steel in the world market which could affect the local economy in terms of higher prices of vehicles and consumer products.
The country has iron resources that can supply the iron ore and concentrates for the planned facility. The opportunity to make iron and steel could form the backbone of the country’s industrialisation programme, said the department of environment and resources.
In a report to President Arroyo, the department recommended the creation of a work and study group for the integration of the Philippine Iron and Steel Industry utilising domestic iron ore.
It recommended a study on the viability of setting up an iron processing and steel plant noting that the estimated minimum feed requirement for such a plant is around 2.4Mt/y and would cost about $1.6bn to construct a plant.
Source: The Philippine Star, Manila; 28 May 2010