The Hon Stephen Jones MP
Assistant Treasurer
Minister for Financial Services
Member for Whitlam
Alison Byrnes MP
Member for Cunningham
Fiona Phillips MP
Member for Gilmore
Local Labor MPs have welcomed the outcome of discussions with BlueScope on the application of the Albanese Government’s Safeguard Mechanism reforms.
The arrangements for the Australian steel industry will provide investment certainty for BlueScope and a strong future for manufacturing in the Illawarra and Australia.
In an ASX update issued yesterday, BlueScope CEO and Managing Director Mark Vassella said, “Engagement with the Government has been constructive. We can now focus on completing the feasibility study for the $1 billion No.6 Blast Furnace reline project and the ongoing decarbonisation of our steelmaking operations at the Port Kembla Steelworks.”
The Albanese Government engaged in extensive consultation with business and industry over the past seven months, including BlueScope Steel, to ensure the policy was fit for purpose.
This was important to address the challenges that hard to abate sectors like steel face, which is why the reforms will include a targeted $400 million for industries providing critical inputs to clean energy industries and specific treatment for value-added manufacturing including a different threshold for manufacturers to qualify for a discount on their decline rate.
With the passage of the Safeguard Reforms, BlueScope now have the policy certainty to drive the investment that will keep critical Australian manufacturing jobs and sovereign capability here as the world decarbonises. The reforms are also in line with BlueScope’s own net zero goal by 2050 emissions targets.
This legislation sits alongside the Government’s $15 billion National Reconstruction fund which is aimed at rebuilding manufacturing in Australia.
Quotes attributable to Stephen Jones, Member for Whitlam:
“The Albanese Government is committed to manufacturing and to the steel industry. We will work with business to see more investment in modern manufacturing plants in the region. This is a strategy which will see good jobs and sustainable industry. Good for the region. Good for the environment.”
Quotes attributable to Alison Byrnes, Member for Cunningham:
“We have 81 months to get 82 per cent renewables into the grid. To achieve this goal Australia needs the most modern and world class steel we can produce.
Labor is committed to modernising Australian industry, securing and generating jobs and cleaner energy – this is crucial to our climate and our economy.
We will work to make sure the Illawarra takes advantage of every opportunity as we work towards 2030.”
Quotes attributable to Fiona Phillips, Member for Gilmore:
"I am pleased that the Albanese Government is working with industry to secure good outcomes for the community as we transition our economy and reduce emissions.
We know that to grow the local jobs of the future, we need to be investing in manufacturing and supporting a transition to cleaner, cheaper energy. Our region is uniquely placed to play a key role and make the South Coast a clean energy powerhouse.
We will continue having those sensible conversations to support local people and local jobs."
