The announcement of Donald Trump's steel tariffs, with no exceptions for any country, has sparked concerns in Australia's largest steel export hub, the Illawarra. Community leaders and workers are apprehensive about the potential impact on the industry, particularly on BlueScope, Australia's leading steel exporter to the United States. While BlueScope has invested heavily in its American operations and seen significant profits there, the tariffs could still have a ripple effect on the Australian steel industry.
Community leaders in Australia's largest steel export hub, the Illawarra , have expressed concerns about the potential repercussions of Donald Trump's steel tariffs. Trump's announcement declaring 'no exceptions' for any countries on his steel import tariffs has sent ripples of anxiety through workers and community leaders in the region.
The Port Kembla Steelworks, once employing nearly 30,000 people primarily migrants, was the largest employer in the New South Wales Illawarra region until the 1970s. Since then, the industry has experienced several periods of growth and decline, with approximately 3,000 full-time workers currently employed at the steelworks.Arthur Rorris, head of the South Coast Labour Council, noted the steel industry's long history of hardship. BlueScope, Australia's leading steel exporter to the United States, and the surrounding community are preparing for the impact of the 25% tariffs. Rorris emphasized the region's anxiety about the future of its workforce and the ability to continue producing steel domestically. This steel is mainly used to create coated products, similar to Colorbond. While Australia is BlueScope's largest market, approximately 8% of its production is shipped to the US annually.BlueScope swiftly highlighted its expanding American businesses following Trump's announcement of impending tariffs earlier this week. The company has invested over $2 billion in its US operations since Trump's last White House term. This investment primarily focused on establishing the North Star mill in Ohio and acquiring scrap-recycling plants to support its electric arc furnace. Profits from BlueScope's American ventures have surpassed its Australian operations, generating more than double the domestic earnings in the last financial year. This strong market position in the US may have shielded its share price, which saw a slight increase on Monday following the tariff announcement. Markus Wagner, from the University of Wollongong, anticipates that the full impact of the tariffs will take time to be felt across BlueScope's other businesses. 'Tariffs will apply to products originating from Australia but also Canada, where BlueScope also has production facilities, unless exemptions are granted.
STEEL TARIFFS AUSTRALIA BLUESCOPE USA ILLINOIS PORT KEMBLA STEELWORKS ILLAWARRA TRADE AGREEMENTS
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