BlueScope secures funding under the Powering the Regions Fund

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BlueScope has secured grant funding in the first round of the Australian Government’s Powering the Regions Fund as part of the Critical Inputs to Clean Energy Industries (CICEI) program.

BlueScope has been awarded a total gross sum of $136.8 million in financing under the grant to cover the capital cost of the No.6 Blast Furnace reline and upgrade project, which will enable continuous iron and steelmaking in the Illawarra

The $400 million CICEI program, established following Safeguard Mechanism reforms, aims to maintain domestic manufacturing capability in industries essential to Australia’s clean energy industries, supporting hard-to-abate sectors.

At a media conference alongside Minister for Climate Change and Energy Chris Bowen, BlueScope’s Chief Executive, Tania Archibald, expressed gratitude for the CICEI grant, which supports the No.6 Blast Furnace reline and ensures ongoing iron and steelmaking in Illawarra.

Adertisement

“The Port Kembla Steelworks is the sole domestic manufacturer of flat steel products in Australia, producing high quality steel products that underpin Australia’s sovereign capability in key sectors including building and construction, energy, infrastructure, and defence. The Steelworks provides the critical inputs needed for Australia to achieve its renewable energy targets, such as; steel plate for wind towers, hot rolled products for solar structures and electricity transmission and distribution infrastructure. Australian steel is an indispensable ingredient in building Australia’s low emissions future,” Archibald said.

“Both we and the Government recognise that BlueScope operates in an emissions-intensive, hard to abate sector. This Federal Government CICEI grant – which is subject to the parties finalising a grant agreement – helps build the essential bridge to BlueScope’s transition to net zero by 2050.”