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With the advent of the oil shocks in 1970's and the subsequent quadrupling of revenue, the Government of Trinidad and Tobago embarked on a development strategy aimed at creating energy based export industries capable of replacing petroleum as the engine of growth. With this as the reason d'etre, the decision was taken to invest in a steel mill. The Iron and Steel Company of Trinidad and Tobago began commercial production in 1980 but throughout the first five years, output at the facility failed to meet the minimum industry standard. By the end of 1988, the stated-owned mill had accumulated losses of TT$2.1 billion. Caribbean Ispat Limited assumed responsibility of the mill in 1989 and since then, output has increased to unprecedented levels. This paper will attempt to explore the industrialization policy as it relates to the ISCOTT. The paper is not exhaustive but should highlight some of the problems developing countries encounter on their path to transformation and economic independence.