Mining firms see luster in local steel industry

MANILA, Philippines - Mining stakeholders have a rosy outlook for local steel industry this year as the government seeks to revitalize the sector to sustain economic growth.

“We see an increased demand for products and services from the metals industry especially in human resource capital development (science and technology sectors), revitalization of the manufacturing industries, and leveling up of annual public spending on infrastructures,” said Artemio Disini, chairman of the Chamber of Mines of the Philippines.

Disini cited the need to strengthen the country’s national policy to  develop the mineral and steel industries.

He said the existing assets of the mothballed National Steel Corp. (NSC) would  be revitalized.

Disini urged the government to foster research and investments in downstream processing and value-adding industries.

The Department of Trade and Industry earlier said the local steel industry was a critical component in achieving inclusive economic growth and sustainable development.

The Philippines currently ranks fifth in terms of steel production. Other top producing nations are Vietnam, Thailand, Indonesia and Malaysia.

Meanwhile, Mines and Geosciences Bureau (MGB) assistant director Danilo Uykieng said the government would focus on key areas to ensure a long-term and stable policy environment.

These include minerals and metal-led industrialization initiatives, streamlining of application and procedures, MGB-led inter-agency coordination of regulatory agencies in mining projects, strong community relations programs; and final use options of mineral lands.

“This shall be accomplished by ensuring continued supply of materials and commodities, revisiting regulatory and compliance policies, and conduct of inventory and exploration studies of the various mineral resources,” he said.