What's left of Australian manufacturing

The CEO of Bluescope Steel is a fan of renewables, but for Mark Vassella to make steel, what he wants is cheap gas, not wind and solar power — and he's getting desperate. These are strong words from a CEO of one our Big-50. "Manufacturing is at a 'tipping point'" he says. "Energy costs are now 3 to 4 times higher than the US".  Furthermore,  "Without immediate intervention there will be no Future Made in Australia." — He twists the knife, talking about the PM's pet project (the one where we somehow make solar and wind power here cheaper than the slaves do in China. )

He's especially scathing of the idea that one of the biggest exporters of LNG in the world, now has to import it back.

" In what world does exporting LNG in massive quantities only to re-import it to supply a shorter domestic market make any sense? It's like importing sand into the Sahara."

Vassella knows US and Australian energy prices all too well. Bluescope also own the North Star steel mill in Ohio and is looking to expand further in the US.

BlueScope CEO: Manufacturing at 'tipping point' over energy costs

By Perry Williams, The Australian

"Today, the situation is more dire than ever," BlueScope chief executive Mark Vassella said after its annual results on Monday.

"Manufacturing is at a tipping point with energy costs that are no longer just too high, but unsustainable. What was once our competitive advantage is gone."

"And let me be really clear about this," Mr Vassella said. "This does not increase our sovereign risk. Restricting exporters from buying domestic gas for re-export and prioritising domestic supply over LNG imports. In what world does exporting LNG in massive quantities only to re-import it to supply a shorter domestic market make any sense? It's like importing sand into the Sahara."

BlueScope warns soaring energy costs threaten Australian manufacturing as profit drops 90pc

ABC News

BlueScope has sounded the alarm over Australia's energy crisis, warning that unsustainably high gas prices are pushing domestic manufacturing to a "tipping point".

The steelmaker has reported a full year profit of $84 million, a 90 per cent drop from the $721 million reported a year ago.

"Without immediate intervention there will be no Future Made in Australia."

Mr Vassella said BlueScope had submitted a detailed response to the federal government's Gas Market Review including suggested immediate and long-term changes.