BlueScope Steel Limited welcomes the Australian Government‘s revisions to its Safeguard Mechanism legislation, which aims to provide increased clarity around carbon policy.
BlueScope CEO and Managing Director Mark Vassella said the revisions to the Safeguard Mechanism would allow the company to focus on its feasibility study for the $1 billion No. 6 Blast Furnace reline project and decarbonisation of its steelmaking operations at the Port Kembla Steelworks.
In its most recent financial earnings release, the company stated that if the legislation was enacted in its then-proposed form, it might have a material impact on the business and the feasibility study of the reline.
Vassella noted, “BlueScope’s previous concerns in respect of potential adverse impacts from the SGM have been materially alleviated.”
He added that the company also welcomes the Federal Government’s plan to conduct a review of an Australian Carbon Border Adjustment Mechanism (CBAM), saying it will be an essential measure that would ensure that Australian domestic manufacturing is not “competitively disadvantaged” and that greenhouse gas emissions are not moved offshore.
Additionally, the revisions acknowledge the contributions BlueScope makes to Australia’s sovereign capability and economy and the company’s support for the renewable energy, construction and defence industries.
“I would like to thank Climate Change and Energy Minister Chris Bowen and Industry & Science Minister Ed Husic, their staff and departments, and local Members, Assistant Treasurer Stephen Jones and Member for Cunningham, Alison Byrnes, for the constructive way they have worked with us,” Vassella said.
BlueScope said it is fully committed to decarbonising its operations, in line with its 2030 emissions intensity targets and its net zero goal by 2050 for the entire business.
