BlueScope Steel today welcomed the Government’s announcement that the Steel Transformation Plan (STP) is “Open for business”. From today eligible companies can apply for competitiveness assistance advances.
Under this facility, originally announced by the Prime Minister in August, eligible steelmakers can apply for advances to provide competitiveness assistance - allowing BlueScope Steel to bring forward into 2011-12 up to $100 million of the payments allocated to it under the STP.
Commenting on the application opening period, BlueScope’s Managing Director and CEO, Mr Paul O’Malley said, “The Company will apply for the early advance of $100 million of payments allocated to it under the STP.
“We believe the Federal Government’s Steel Transformation Plan, is tangible evidence of the importance the government places on having a viable, competitive and innovative domestic steel industry in this country.
“The STP advance, together with the company’s capital raising, potential asset realisation opportunities, and the restructuring of our Australian operations which is now well advanced, will all help accelerate our return to profitability and growth.
“As part of the application process, we are confident the Company will meet the eligibility criteria and we will work closely with the Federal Government to secure approval for the advance as soon as possible,” said Mr O’Malley.
No comments:
Post a Comment