It is all over the mainstream media and much appreciated by the captains of the steel industry. ....................................
The Australian Workers Union says Bluescope Steel could receive $40 million a year of assistance under the plan.
Steelmakers have cautiously welcomed the compensation offered to the industry under the Federal Government's carbon tax. The steel industry will be eligible for 94.5 per cent assistance, plus access to an additional $300 million steel fund, which is expected to compensate for any remaining costs.
Bluescope Steel is among those that could end up gaining financially from the package over the first four years. Managing director Paul O'Malley says the Government has responded to the industry's worries.
"I think the Government has been very pragmatic in listening to the concerns raised by steelmakers and coming up with a package that materially mitigates the cost that we would incur over the next four years," Mr O'Malley said.
Mr O'Malley says it is an improvement on the previous scheme. "When we reported in May, an analysis of the CPRS at the time, we highlighted a significant material cost we might face," he said.
"That material cost has now been materially mitigated as a result of today's announcement."
