The Turnbull Government is delivering on its election commitment to support South Australia’s steel sector and workers at Arrium.
The Export Finance and Insurance Corporation will provide a loan under the National Interest Account of $49.2 million for new machinery at the Iron Knob and Iron Baron mines.
This will enable Arrium’s OneWhyalla business to process iron ore to export quality and is expected to boost Arrium’s cash flow by more than $200 million over the next five years.
The investment builds on the Turnbull Government’s ongoing commitment to support Australia’s steel industry, including:
- Using Australian steel across our naval shipbuilding program
- Upgrading 1200 kilometres of rail line between Adelaide and Tarcoola, worth approximately $80 million to Arrium
- Strengthening Australia’s anti-dumping system
The Turnbull Government will continue to work closely with the administrators as they prepare Arrium’s businesses for sale.