Steel Transformation Plan (STP)
On 10 July 2011, the Government announced the $300 million Steel Transformation Plan (Plan).
The Plan encourages investment, innovation and competitiveness in the Australian steel manufacturing industry in order to assist the industry to transform into an efficient and economically sustainable industry in a low carbon economy. It is to be achieved in a way that improves environmental outcomes and promotes the development of workforce skills.
On 22 August 2011, the Government announced that a new advance facility would be introduced into the Plan to allow eligible participants to draw down an advance of their future entitlements under the scheme.
The Plan will commence on 1 July 2012 and will conclude on 31 December 2016. The competitiveness assistance advance will be available in 2011-12.
Applicants can apply if they are a constitutional corporation that manufactures steel in Australia using either of the following methods:
- Integrated iron and steel manufacturing that involves the physical and chemical transformation of iron ore into crude carbon steel;
- A method that involves the physical and chemical transformation of cold ferrous feed into crude carbon steel; and
The corporation produced at least 500,000 tonnes of crude carbon steel in Australia using either of those methods in both:
- the 2009-10 financial year; and
- the 2010-11 financial year.
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