Australia’s BlueScope plans to use half of its AUD20mn ($14.6mn) investment in renewable energy towards preparing its steelworks to use more sustainable energy sources.
The company is investing the amount at Port Kembla, Australia towards sustainable manufacturing and plans to offer the balance investment to companies seeking to build manufacturing capabilities using renewable energy in the region, according to Mark Vassella, BlueScope’s managing director and chief executive officer.
The investment comes after a recent proposal by the New South Wales government on local content procurement policies to attract investment, innovation, and regional job opportunities. The proposal also focuses on procuring locally made steel to build the future energy grid in the region, which could prove beneficial for local steelmakers like BlueScope.
BlueScope said that it plans to build on its supply chain by attracting new technology solutions in infrastructure, defense, manufacturing, sustainable building, and renewables through steel-based solutions. The steelmaker’s incentives to achieve this objective could include start-up investments, joint research and development, manufacturing site lease assistance, and support with logistics.