TKC Steel Corporation has tapped Pricewaterhouse Coopers Financial Advisors Inc. to be its project management adviser to help the company find partners and raise $1 billion for its continuing program to establish the largest integrated steel manufacturing facility in the country.

In a disclosure to the Philippine Stock Exchange Tuesday, TKC said that, under the terms of engagement, PwCFA will identify prospective strategic partners or investors.

PwCFA will also prepare a work program and funds generation activity to undertake backward integration activities, including acquisition of offshore or onshore mining interest for iron ore to be used as raw material feedstock.

The ore will be used by the blast furnace project of Treasure Steelworks Corporation, a TKC subsidiary, which is nearing completion in Iligan City.

“The program is also envisioned to provide the investment environment for further expansion of the steel manufacturing and the mining industry sectors,” said TKC.

TSC has recently commissioned its new eccentric bottom tapping electric arc furnace as part of its capacity and capability enhancement projects.

TKC said full commercial operation with the new facility is expected to start as soon as the series of tests for direct charging of beneficiated iron ore are completed.

As part of the strategic plan of TKC Steel, its subsidiary is testing the use of locally sourced iron ore processed from its beneficiating facility as raw material for its furnaces.

“Scrap metal is fast becoming scarce and costly. But the country has more than enough supply of iron ore to meet TKC subsidiary’s total requirements, both present and future,” the firm said.