Section 3August 8, 1991, Sec./Art. 3

Statement of Objectives. – It is the purpose of this Act to:

(a) Provide a framework for a rational integrated iron and steel program consistent with the requirements of the government environment protection program;

(b) Establish policy direction governing the rationalization of government corporations in the iron and steel industry taking into consideration the requirements of the iron and steel industry; the possible effect to the private users of iron an steel products manufactured by government corporations; and, the strategic nature and vital role of this corporations in the industry;

(c) Provide measures to strengthen its demand and supply structures primarily through the establishment of an integrated iron and steel plant which is technologically and economically efficient, internationally competitive and contributing to industrialization and accelerated development of the country;

(d) Provide stiffer penalties for smuggling of iron and steel products; and

(e) Provide a set of quality and industry standards for iron and steel products.