A delegation including federal industry minister Greg Hunt, SA treasurer Tom Koutsantonis and unions has travelled to South Korea to meet with Posco, which has made a bid for collapsed iron ore and steel business Arrium.
Next week 22 kangaroo-shaped Colorbond sculptures will be on display in Sydney’s The Rocks, as part of the coated steel’s 50th anniversary celebrations.
Duties are imposed on products dumped in Australia, but the system catches some ‘good guys’ too, as Alan Johnson reports.
Britain’s wealthy Gupta family is reportedly interested in Arrium’s steel and iron assets.
Full production is expected to return at Arrium’s Whyalla steelworks tomorrow, following the September 28 South Australian blackout.
The head of the Australian Council of Trade Unions has said he will push for procurement provisions for government projects, inspired by the “Buy American” US policies following the Global Financial Crisis.
Arrium’s administrators have received about 20 expressions of interest, with non-binding offers coming through over this month and final bids due in December for the collapsed iron ore and steel company.
Power has been urgently restored at Arrium’s Whyalla site, minimising what was expected to be a loss of up to $30 million, following last week’s South Australian blackout.
The South Australian blackout is causing around $4 million a day to be lost at the Arrium Whyalla steelworks, with administrators saying power might not resume until next Tuesday.
Whyalla’s Arrium workers have voted in favour of a 10 per cent pay cut, following a rejection of the new enterprise agreement last month, in news the company’s administrator said would help ensure the survival of the steelworks.
Bill Shorten will meet Arrium workers this afternoon, and will push prime minister Malcolm Turnbull to increase the government’s support from the $49.2 million loan pledged during the election campaign.
Economic uncertainty in the steel city of Whyalla is seeing increased anxiety in the community and putting youth in danger of developing drug and other problems, according to Mission Australia.
Chinese steel output will continue to increase modestly, BHP Billiton is predicting, contrary to some analysts’ predictions.
According to a report today, there is about half a dozen parties currently interested in Moly-Cop, and whether the grinding media business is bought or floated is expected to be known in October.
A senior Chinese official has said Chinese steel demand peaked two years ago, and called Australia’s attitude to steel dumping “ridiculous”.
The first batch of steel to be used to upgrade the fast-tracked Adelaide-Tarcoola rail line upgrade will be produced at Arrium’s Whyalla steelworks today.
The two-day Group of 20 leaders’ summit has agreed to the creation of a “steel forum”, which would monitor China’s pledge to cutting its steel output, though the issue remains economically sensitive within Australia.
According to the administrator involved, a deal on pay reductions for Arrium workers could come as soon as this afternoon.
Bluescope Steel, which announced a 160 per cent lift in its annual profits yesterday, has said it needs to continue cutting costs and be “competitive and profitable producer” if it is to keep the Port Kembla steelworks open.
The uncertain future of the Whyalla’s main employer, the Arrium steelworks, continues to trouble the city, with a significant capital injection needed to make the plant competitive again.