Quote:
BlueScope Steel Ltd., Australia’s biggest steelmaker, said the government’s planned carbon tax will reduce its competiveness as it battles high raw-material costs and the stronger Australian dollar.
“That is clearly economic vandalism,” Chief Executive Officer Paul O’Malley said on Australian Broadcasting Corp.’s Inside Business program yesterday. “It clearly says we don’t want manufacturing in Australia.” Imports must also be taxed if the carbon tax is introduced to ensure Australian steel producers can compete, he said.
And:
Quote:
“More costs being thrown at us by the government just really do put a bit more pressure on the business than we’d like to have,” O’Malley said. The policy would cost BlueScope A$300 million ($304 million) a year if there was no assistance provided, he said. The Melbourne-based steelmaker last week reported a widening of its first-half loss because of higher costs and lower domestic demand.
http://www.bloomberg.com/news/2011-02-27...chief-says.html
Looks like the BlueScope people are looking into the future and seeing the writing on the wall. Their government is intentionally making them less competitive in the export market so why dump more money there when they are already seeing losses.
BlueScope Steel Ltd., Australia’s biggest steelmaker, said the government’s planned carbon tax will reduce its competiveness as it battles high raw-material costs and the stronger Australian dollar.
“That is clearly economic vandalism,” Chief Executive Officer Paul O’Malley said on Australian Broadcasting Corp.’s Inside Business program yesterday. “It clearly says we don’t want manufacturing in Australia.” Imports must also be taxed if the carbon tax is introduced to ensure Australian steel producers can compete, he said.
And:
Quote:
“More costs being thrown at us by the government just really do put a bit more pressure on the business than we’d like to have,” O’Malley said. The policy would cost BlueScope A$300 million ($304 million) a year if there was no assistance provided, he said. The Melbourne-based steelmaker last week reported a widening of its first-half loss because of higher costs and lower domestic demand.
http://www.bloomberg.com/news/2011-02-27...chief-says.html
Looks like the BlueScope people are looking into the future and seeing the writing on the wall. Their government is intentionally making them less competitive in the export market so why dump more money there when they are already seeing losses.
