Posted on 11 Aug 2023
BlueScope Steel BSL.AX, Australia's largest steel producer, said on Friday it would invest A$415 million ($270.41 million) to expand the metal coating capacity at its Erskine Park project in New South Wales.
The additional metal coating line will have the capacity to produce up to 240 kilo-tonnes per annum of the company's metal coated products.
BlueScope increased the total capital cost to A$415 million on account of inflationary pressures and "further development in the scope of the project".
The project is expected to be fully commissioned and operational by the end of 2025.
"This significant investment in Australian manufacturing will better enable us to meet our customers' growing demand for steel building and construction products," said BlueScope's managing director and CEO, Mark Vassella.
The investment comes at a time when steel prices have retreated from record highs last year reflecting a challenging macro environment in top consumer China.
Source:Reuters
