Friday 22nd July 2016 - 6:38 pm

Federal government acts on steel jobs

by Alan Thornhill

The Federal government says it has “struck a deal” to secure the jobs of South Australian steel workers.

 

In a joint statement late today, the Prime Minster, Malcolm Turnbull, said  his government “is delivering” on its its “election commitment to support South Australia’s steel sector and workers at Arrium .“

 

He said the Export Finance and Insurance Corporation would provide a loan of $49.2 million for new machinery at the Iron Knob and Iron Baron mines.

 

This would be done under the National Interest Account.

 

Mr Turnbull said this would enable Arrium’s OneWhyalla business to process iron ore to export quality and is expected to boost Arrium’s cash flow by more than $200 million over the next five years.

 

The Prime Minister said this investment would build on his government’s ongoing commitment to support Australia’s steel industry.

 

He said the measurers already announced included:-

  • Using Australian steel across our naval shipbuilding program
  • Upgrading 1200 kilometres of rail line between Adelaide and Tarcoola, a project worth approximately $80 million to Arrium
  • Strengthening Australia’s anti-dumping system.

 

 

Mr Turnbull  said his government would continue to work closely with the administrators as they prepare Arrium’s businesses for sale.


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