Preamble
WHEREAS, national interest and security require that an adequate supply of iron and steel products at reasonable cost be readily available at all times for the country's needs; WHEREAS, there have been recurrent imbalances between demand and supply of iron and steel products that necessitate the orderly regulation of the market; WHEREAS, excess capacity exists in several sectors of the iron and steel industry while other sectors suffer from a deficiency of investment; WHEREAS, the recurrent shortage and the spiralling cost of steel products in international markets and excessive dependence of the country on imports for its steel supplies render it imperative to explore the backward integration of the steel industry; and WHEREAS, the advance of industrialization in this country is dependent on the development and the promotion of a strong iron and steel industry and the increased availability of low-cost steel; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to Proclamation No. 1081, dated September 21, 1972,and General Order No. 1,dated September 22, 1972, as amended, do hereby order and decree the creation of the Iron and Steel Authority designed to stimulate the growth and regulate the orderly development of the iron and steel industry, as follows: