METI to Launch Steel Raw Materials Special Committee

Ministry of Economy, Trade and Industry launches special committee to discuss on issues for steel raw materials under surging price and stronger major miners bargaining power for iron ore, coking coal and rare metals. The committee is to share information between related parties including government, steel makers and trading firms. The committee starts the activity by the first meeting on September 29. METI explains the policy to secure mineral resources and to support the industry. METI decided certain iron ore resources should be secured by joint entity between private and government sectors. METI encourages private sectors’ investment activity through the activity including Official Development Assistance. METI tries to secure around 10 billion yen of budget for iron ore exploration and development for fiscal year starting April 2009. METI designs appropriate policy to secure mineral resources through the discussion and information sharing with steel industry. METI sends missions to such mineral rich countries and cooperates with other governmental ministries including Ministry of Foreign Affairs.