BlueScope rose 6.1 percent to A$1.385 at the 4:10 p.m. close, its steepest gain since March 14, while OneSteel jumped 6.2 percent to A$2.05, the stock??s biggest advance since Aug. 24, 2009.
Prime Minister Julia Gillard??s government is set to announce on July 10 its plan to charge companies for carbon emissions that will take effect next year, setting out its policy for an emissions trading program in the world??s biggest coal exporter. The government may charge a carbon price of $20 to $25 a ton and offer emergency loans to coal-fired power plants to ease their tax burden, the Australian newspaper reported today, without citing anyone.
The compensation plan may benefit the steelmakers, which burn coal to generate more than 80 percent of its electricity. BlueScope spokesman Michael Reay and OneSteel spokesman Steve Ashe declined to comment when contacted via e-mails today.
To contact the reporter on this story: Soraya Permatasari in Melbourne at [email protected]
To contact the editor responsible for this story: Andrew Hobbs at [email protected]
BSL Price at posting:
$1.17 Sentiment: Buy Disclosure: Held
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