Why it matters: BlueScope is the largest steelmaker in Australia and makes Colorbond roofing products.
It has given the green light to a $1.15 billion reline of a blast furnace at its Port Kembla steelworks in NSW, with technology not yet available to allow low-carbon steelmaking.
CEO Mark Vassella says he is satisfied that government policies take into account the importance of Australia having steelmaking capabilities.
Steel maker BlueScope will spend $1.15 billion to reline an old blast furnace at its Port Kembla steelworks in its biggest investment in Australia since it became a standalone company two decades ago.
Chief executive Mark Vassella said the spending on the blast furnace was a “bridge to the future”, with old-school steelmaking processes unlikely to be superseded by low-carbon versions for at least 10 years in an industry which accounts for 8 per cent of the world’s carbon emissions.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
