Latest news with #BlueScope
The Advertiser
3 days ago
- Business
- The Advertiser
Call for local steel mandate in face of Trump's tariffs
Australia is being urged to mandate the use of local steel in projects to protect the nation's workers and industry from Donald Trump's tariffs. The US president has announced a plan to double levies on foreign steel from 25 per cent to 50 per cent in coming days. Australian goods exported to the US are already subject to a 10 per cent baseline tariff. Australia must adopt strong domestic protections, says union secretary Arthur Rorris, whose South Coast Labour Council includes workers from BlueScope's Port Kembla Steelworks. "If we don't mandate the use of our steel for our own uses, we will become the path of least resistance for the glut of global steel," he told AAP. "If you don't defend your own markets, others will take them." Labor could not just talk about a future made in Australia but had to provide the funds to back it, Mr Rorris said. He said the government needed to understand the transactional nature of the Trump administration and use whatever leverage it had to get a better deal. Treasurer Jim Chalmers in February said quotas for Australian steel were under consideration. Australian Steel Association chief executive David Buchanan said he was yet to see dumping of cheap foreign steel into Australia. "We do have a very strong system to protect the industry from dumped materials," he told ABC radio. Mr Buchanan said the US president's decision would not have a major impact on Australian industry, but would result in increased prices for American consumers. Prime Minister Anthony Albanese branded the move an act of "economic self-harm" and is expected to sit down with the American leader on the sidelines of the G7 summit in Canada later in June. Mr Trump's deepening trade war is considered destabilising to the framework that has benefited middle powers such as Australia. Announcing the steel and aluminium tariffs earlier this year, Mr Trump committed to imposing them "without exceptions or exemptions" in a bid to help shield domestic industries. The Albanese government has ruled out retaliatory tariffs against the US as it tries to secure an exemption for Australian goods. But Australia could take the US to the World Trade Organisation, as it did with China over punitive trade sanctions imposed during the COVID-19 pandemic as diplomatic relations hit a low. Trade Minister Don Farrell has said the government would continue to "coolly and calmly" argue its case for the removal of the tariffs. Canada has taken the US to the umpire, which determines global trade rules. Senator Farrell is travelling to France, leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia will host an informal meeting of World Trade Organisation ministers to discuss the importance of an open, rules-based global trading system. In Mr Trump's first term, the US president gave Australia exemptions on the argument the US has a trade surplus with its ally. Australia is being urged to mandate the use of local steel in projects to protect the nation's workers and industry from Donald Trump's tariffs. The US president has announced a plan to double levies on foreign steel from 25 per cent to 50 per cent in coming days. Australian goods exported to the US are already subject to a 10 per cent baseline tariff. Australia must adopt strong domestic protections, says union secretary Arthur Rorris, whose South Coast Labour Council includes workers from BlueScope's Port Kembla Steelworks. "If we don't mandate the use of our steel for our own uses, we will become the path of least resistance for the glut of global steel," he told AAP. "If you don't defend your own markets, others will take them." Labor could not just talk about a future made in Australia but had to provide the funds to back it, Mr Rorris said. He said the government needed to understand the transactional nature of the Trump administration and use whatever leverage it had to get a better deal. Treasurer Jim Chalmers in February said quotas for Australian steel were under consideration. Australian Steel Association chief executive David Buchanan said he was yet to see dumping of cheap foreign steel into Australia. "We do have a very strong system to protect the industry from dumped materials," he told ABC radio. Mr Buchanan said the US president's decision would not have a major impact on Australian industry, but would result in increased prices for American consumers. Prime Minister Anthony Albanese branded the move an act of "economic self-harm" and is expected to sit down with the American leader on the sidelines of the G7 summit in Canada later in June. Mr Trump's deepening trade war is considered destabilising to the framework that has benefited middle powers such as Australia. Announcing the steel and aluminium tariffs earlier this year, Mr Trump committed to imposing them "without exceptions or exemptions" in a bid to help shield domestic industries. The Albanese government has ruled out retaliatory tariffs against the US as it tries to secure an exemption for Australian goods. But Australia could take the US to the World Trade Organisation, as it did with China over punitive trade sanctions imposed during the COVID-19 pandemic as diplomatic relations hit a low. Trade Minister Don Farrell has said the government would continue to "coolly and calmly" argue its case for the removal of the tariffs. Canada has taken the US to the umpire, which determines global trade rules. Senator Farrell is travelling to France, leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia will host an informal meeting of World Trade Organisation ministers to discuss the importance of an open, rules-based global trading system. In Mr Trump's first term, the US president gave Australia exemptions on the argument the US has a trade surplus with its ally. Australia is being urged to mandate the use of local steel in projects to protect the nation's workers and industry from Donald Trump's tariffs. The US president has announced a plan to double levies on foreign steel from 25 per cent to 50 per cent in coming days. Australian goods exported to the US are already subject to a 10 per cent baseline tariff. Australia must adopt strong domestic protections, says union secretary Arthur Rorris, whose South Coast Labour Council includes workers from BlueScope's Port Kembla Steelworks. "If we don't mandate the use of our steel for our own uses, we will become the path of least resistance for the glut of global steel," he told AAP. "If you don't defend your own markets, others will take them." Labor could not just talk about a future made in Australia but had to provide the funds to back it, Mr Rorris said. He said the government needed to understand the transactional nature of the Trump administration and use whatever leverage it had to get a better deal. Treasurer Jim Chalmers in February said quotas for Australian steel were under consideration. Australian Steel Association chief executive David Buchanan said he was yet to see dumping of cheap foreign steel into Australia. "We do have a very strong system to protect the industry from dumped materials," he told ABC radio. Mr Buchanan said the US president's decision would not have a major impact on Australian industry, but would result in increased prices for American consumers. Prime Minister Anthony Albanese branded the move an act of "economic self-harm" and is expected to sit down with the American leader on the sidelines of the G7 summit in Canada later in June. Mr Trump's deepening trade war is considered destabilising to the framework that has benefited middle powers such as Australia. Announcing the steel and aluminium tariffs earlier this year, Mr Trump committed to imposing them "without exceptions or exemptions" in a bid to help shield domestic industries. The Albanese government has ruled out retaliatory tariffs against the US as it tries to secure an exemption for Australian goods. But Australia could take the US to the World Trade Organisation, as it did with China over punitive trade sanctions imposed during the COVID-19 pandemic as diplomatic relations hit a low. Trade Minister Don Farrell has said the government would continue to "coolly and calmly" argue its case for the removal of the tariffs. Canada has taken the US to the umpire, which determines global trade rules. Senator Farrell is travelling to France, leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia will host an informal meeting of World Trade Organisation ministers to discuss the importance of an open, rules-based global trading system. In Mr Trump's first term, the US president gave Australia exemptions on the argument the US has a trade surplus with its ally. Australia is being urged to mandate the use of local steel in projects to protect the nation's workers and industry from Donald Trump's tariffs. The US president has announced a plan to double levies on foreign steel from 25 per cent to 50 per cent in coming days. Australian goods exported to the US are already subject to a 10 per cent baseline tariff. Australia must adopt strong domestic protections, says union secretary Arthur Rorris, whose South Coast Labour Council includes workers from BlueScope's Port Kembla Steelworks. "If we don't mandate the use of our steel for our own uses, we will become the path of least resistance for the glut of global steel," he told AAP. "If you don't defend your own markets, others will take them." Labor could not just talk about a future made in Australia but had to provide the funds to back it, Mr Rorris said. He said the government needed to understand the transactional nature of the Trump administration and use whatever leverage it had to get a better deal. Treasurer Jim Chalmers in February said quotas for Australian steel were under consideration. Australian Steel Association chief executive David Buchanan said he was yet to see dumping of cheap foreign steel into Australia. "We do have a very strong system to protect the industry from dumped materials," he told ABC radio. Mr Buchanan said the US president's decision would not have a major impact on Australian industry, but would result in increased prices for American consumers. Prime Minister Anthony Albanese branded the move an act of "economic self-harm" and is expected to sit down with the American leader on the sidelines of the G7 summit in Canada later in June. Mr Trump's deepening trade war is considered destabilising to the framework that has benefited middle powers such as Australia. Announcing the steel and aluminium tariffs earlier this year, Mr Trump committed to imposing them "without exceptions or exemptions" in a bid to help shield domestic industries. The Albanese government has ruled out retaliatory tariffs against the US as it tries to secure an exemption for Australian goods. But Australia could take the US to the World Trade Organisation, as it did with China over punitive trade sanctions imposed during the COVID-19 pandemic as diplomatic relations hit a low. Trade Minister Don Farrell has said the government would continue to "coolly and calmly" argue its case for the removal of the tariffs. Canada has taken the US to the umpire, which determines global trade rules. Senator Farrell is travelling to France, leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia will host an informal meeting of World Trade Organisation ministers to discuss the importance of an open, rules-based global trading system. In Mr Trump's first term, the US president gave Australia exemptions on the argument the US has a trade surplus with its ally.
Reuters
3 days ago
- Business
- Reuters
Australia's BlueScope surges on Trump's plan to double tariffs on steel imports
June 2 (Reuters) - Shares of Australian steel producer BlueScope Steel ( opens new tab jumped on Monday to a more than three-month high after U.S. President Donald Trump said he planned to double tariffs on imported steel. Shares of BlueScope, which operates five businesses in North America including the North Star mill in Ohio, were up as much as 9.4% at A$24.88 in early trade. The stock was among the top performers in the broader ASX 200 benchmark index (.AXJO), opens new tab, which was down 0.4%. Trump on Friday said that he planned to double tariffs on imported steel and aluminium to 50%, ratcheting up pressure on global steel producers and deepening his trade war. These proposed tariffs could bode well for BlueScope in enhancing steel prices in the U.S., thus driving tailwinds for the company, said Grady Wulff, a market analyst at Bell Direct. In mid-February, the stock rose 12% after the company's chief executive Mark Vassella said that the business could benefit from Trump's protectionist tariffs. However, shares have slipped nearly 10% since Vassella's statements. Uncertainty of a rebound in demand from China for steel and steelmaking ingredients has weighed on all companies with exposure to this market, Wulff said, along with tariffs which are increasing uncertainty around the recovery of demand for steel-related materials. BlueScope has borne the brunt of weak iron ore prices, which have fallen 3.5% so far this year. North America was BlueScope's biggest revenue-generating segment in the six months to December 31, 2024, accounting for 42%, or A$309 million ($199.77 million), of all underlying earnings before interest, taxes, depreciation and amortisation. Australia made up 39%, or A$288 million. ($1 = 1.5468 Australian dollars)
Yahoo
3 days ago
- Business
- Yahoo
Australia's BlueScope surges on Trump's plan to double tariffs on steel imports
By Nikita Maria Jino (Reuters) -Shares of Australian steel producer BlueScope Steel jumped on Monday to a more than three-month high after U.S. President Donald Trump said he planned to double tariffs on imported steel. Shares of BlueScope, which operates five businesses in North America including the North Star mill in Ohio, were up as much as 9.4% at A$24.88 in early trade. The stock was among the top performers in the broader ASX 200 benchmark index, which was down 0.4%. Trump on Friday said that he planned to double tariffs on imported steel and aluminium to 50%, ratcheting up pressure on global steel producers and deepening his trade war. These proposed tariffs could bode well for BlueScope in enhancing steel prices in the U.S., thus driving tailwinds for the company, said Grady Wulff, a market analyst at Bell Direct. In mid-February, the stock rose 12% after the company's chief executive Mark Vassella said that the business could benefit from Trump's protectionist tariffs. However, shares have slipped nearly 10% since Vassella's statements. Uncertainty of a rebound in demand from China for steel and steelmaking ingredients has weighed on all companies with exposure to this market, Wulff said, along with tariffs which are increasing uncertainty around the recovery of demand for steel-related materials. BlueScope has borne the brunt of weak iron ore prices, which have fallen 3.5% so far this year. North America was BlueScope's biggest revenue-generating segment in the six months to December 31, 2024, accounting for 42%, or A$309 million ($199.77 million), of all underlying earnings before interest, taxes, depreciation and amortisation. Australia made up 39%, or A$288 million. ($1 = 1.5468 Australian dollars)
Mercury
25-04-2025
- Mercury
Factory incident, Woman's leg seriously injured in Hastings, Victoria
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. A woman has been seriously injured following a factory incident. An Air ambulance was called to the BlueScope site in Hastings, Victoria after the incident was reported to paramedics at 10.20am on Friday. A Country Fire Authority spokesperson did not provide any other details. BlueScope is one of the biggest manufacturers and suppliers of steel products in Australia. WorkSafe is investigating the incident. Hastings is a town sitting on Melbourne's Mornington Peninsula, 58km southeast of Melbourne CBD. It is home to the ExxonMobil and BlueScope manufacturing plants, and large oil tankers frequently dock near Long Island in Western Port. Originally published as Factory incident, Woman's leg seriously injured in Hastings, Victoria Breaking News A 17-year-old has recalled the nightmare moment she was struck by lightning while scrolling Tiktok. Breaking News Huge crowds pack Vatican ahead of Pope's funeral
Arab Times
12-03-2025
- Business
- Arab Times
Australia won't retaliate against ‘unjustified' US tariffs on steel, aluminum
MELBOURNE, Australia, March 12, (AP): Australian Prime Minister Anthony Albanese said Wednesday that US tariffs on Australian steel and aluminum were unjustified, but his government would not retaliate with its own tariffs. US President Donald Trump said last month he was considering a tariff exemption for Australia, a free trade treaty partner that has traded with the United States at a deficit for decades. A former Australian government secured an exemption with the previous Trump administration in 2018 based on arguments including that Australian steelmaker BlueScope employs thousands of workers in the US. Albanese said he would continue to pursue an Australian exemption. The 2018 exemption took several months to secure. 'It has been foreshadowed that no country regardless of its relationship with the United States has been granted an exemption. Such a decision by the Trump administration is entirely unjustified,' Albanese said. 'Tariffs and escalating trade tensions are a form of economic self-harm and a recipe for slower growth and higher inflation. They are paid by the consumers. This is why Australia will not be imposing reciprocal tariffs on the United States,' Albanese added. The US officially increased tariffs on all steel and aluminum imports to 25% on Wednesday. The US decision not to exempt Australia was announced days after a spat became public between Trump and the former Australian prime minister who secured the 2018 exemption, Malcolm Turnbull. Trump described Turnbull, who quit politics in 2018 after being overthrown as prime minister by his own government, as a weak and ineffective leader. 'Malcolm Turnbull, the former Prime Minister of Australia who was always leading that wonderful country from 'behind', never understood what was going on in China, nor did he have the capacity to do so,' Trump wrote on social media.
