BlueScope Steel boss Mark Vasella warns losing sovereign manufacturing will not help the environment, amid uncertainty over how the steelmaker will be impacted by changes to emissions reduction laws.
BlueScope Steel is consulting with the federal government about changes to the safeguard mechanism.abc.net.au/news/bluescope-steel-defends-blast-furnace-reline/101998036BlueScope Steel has defended a one-billion dollar investment in carbon-based steelmaking, while warning against changes to emissions reductions laws which could damage Australia's sovereign steelmaking capabilities.
Australia's largest steelmaker told shareholders the federal government's proposed changes to the safeguard mechanism could have a material impact on its business. BlueScope's CEO and Managing Director Mark Vasella said the company was consulting with the government about whether the mechanism would impact the viability of steelmaking in Australia.
Mr Vasella said bringing the number six blast furnace back online was necessary to continue commercial steelmaking at current volumes in Port Kembla."The re-line of the blast furnace will allow us to replicate that performance and build that bridge to when we think newer, lower emissions steelmaking projects will be available.
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