It takes about 2 ton of Iron ore & 1.5 ton of met coal ( both worth about $500 with lime ) to produce a ton of manufactured steel with an export price of well over twice that This means we have to export half our resources currently exported to achieve the same balance of trade result with the added benefit of more Aussie labour. If we supply the domestic market, that would be an added benefit. WA & Qld could then double the royalties on their iron ore & met coal respectively and maintain current revenue.
