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BlueScope Steel to Receive Steel Transformation Plan Advance
12/27/2011 - The Australian Federal Government’s announced that it would advance payment of $100 million to BlueScope Steel under the government’s Steel Transformation Plan (STP).
BlueScope Steel welcomed the Australian Federal Government’s announcement that it would advance payment of $100 million to the company under the government’s Steel Transformation Plan (STP).
The Steel Transformation Plan was established to encourage investment, innovation and competitiveness in the Australian steel manufacturing industry. The company expects to receive the payment early in the New Year.
“The advance payment will assist BlueScope Steel to undertake activities that enhance the competitiveness and economic sustainability of the company’s Australian operations,” said Managing Director and CEO, Paul O’Malley, commenting on the announcement. “These activities will include operations restructure, research & development, environmental projects and programs to improve the efficiency of plant and equipment.
“In particular, I would like to thank the Minister for Industry and Innovation, Mr. Combet and the Minister for Manufacturing, Senator Carr, for their efforts in implementing the STP and the advance payment,” continued O’Malley.
“The proceeds of the STP advance, together with the company’s just-completed capital-raising, ongoing restructuring and potential asset realization opportunities, will all help support the company’s return to profitability and growth,” concluded O’Malley.
