Australian steelmaker BlueScope Steel has gotten $136.8 million in grant funding from the Australian Government’s Powering the Regions Fund.
This financial support is designated for the No.6 Blast Furnace reline and upgrade project, an initiative to support iron and steel production in the Illawarra region, the ASX-recorded company said.
Following recent reforms to the Safeguard Mechanism, the CICEI program was established with a total budget of $400 million.
It expects to help hard-to-decrease sectors keep up with domestic manufacturing abilities, especially in businesses fundamental for the advancement of Australia’s clean energy sectors.
Tania Archibald, chief executive of BlueScope’s Australian Steel Products, and Minister for Climate Change and Energy Chris Bowen expressed appreciation for the CICEI grant.
“BlueScope greatly appreciates the CICEI grant, which supports the No.6 Blast Furnace reline and helps secure ongoing iron and steelmaking and job security in the Illawarra,” said Archibald.
These high-quality steel products are important for building and construction, energy, infrastructure, defence, and so on.
Recognising the emanations escalated nature of BlueScope’s tasks, Archibald noticed that the CICEI award, likely to settle an award understanding, fills in as a crucial step in BlueScope’s change to accomplishing net-zero emissions by 2050.