TO :	Securities and Exchange Commission (SEC) National Steel Corporation (NSC) Philippine National Bank (PNB)

WHEREAS, one of the Major Industrial Projects of the country is the Integrated Steel Mill (ISM), the implementation of which is entrusted to the National Steel Corporation (NSC);

WHEREAS, for its integrated operations, NSC requires, among others, billet-making facilities, specifically, electric arc furnaces, continuous casting machines, oxygen generating units, and their respective auxiliaries;

WHEREAS, NSC is considering acquiring these facilities from abroad, requiring substantial outlay of foreign exchange with the country should conserve;

WHEREAS, Philippine Blooming Mills (PBM), a domestic corporation, possesses similar such facilities which are presently idle;

WHEREAS, PBM is presently under rehabilitation by the Securities and Exchange Commission (SEC), and despite the considerable lapse of time, no agreements has yet been reached among the creditors and stockholders for a final plan for rehabilitation, although it has been determined that these billet-making facilities can not be economically operated in its present location under any feasible rehabilitation plan, and that the immediate transfer thereof to NSC is in the best interest of the stockholders parties-litigant, creditors and the general public;

NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers vested in me by the Constitution, hereby issue the following instructions:

The SEC is ordered to cause the immediate sale to NSC of the billet-making facilities of PBM, more particularly, the electric arc furnace, the continuous casting machine, the oxygen-generating unit, and their respective auxiliaries, which facilities are specifically listed in Annex "A" hereof, as a preliminary rehabilitation plan for PBM, subject to the following conditions, to wit:


DONE in the City of Manila, this 18th day of February, in the year of Our Lord, Nineteen Hundred and Eighty-Three.

SOURCE: CD ASIA