Australian Govt Offers A$100 Million In Steel Industry Aid

Australian Govt Offers A$100 Million In Steel Industry Aid. Australia's government on Monday promised more than 100 million Australian dollars (US$104.4 million) in aid to the manufacturing industry after Bluescope Steel Ltd., the nation's largest steel maker, said it will abandon its export business and shed 1,000 jobs. The move comes after the government in June agreed to a compensation package with the steel industry ahead of the introduction of a planned new carbon tax, promising the sector up to 95% in free permits and A$300 million in compensation with the aid announced Monday coming out of that facility. "We want to be a nation that produces steel. We want to be a nation that has a strong manufacturing sector and that offers the opportunity of high-wage, high-value adding manufacturing jobs," said Australian Prime Minister Julia Gillard at a press conference.