Today the Senate Economic References committee tabled its interim report into Australia’s steel industry, which calls on the Turnbull Government to take action to secure the future of Arrium and the Whyalla steelworks.
Around the world, governments are taking action to support their steel industries. But in Australia, under the Turnbull Government, that support has been inadequate to say the least.
Governments must work together with unions, the community and companies throughout the supply chain to ensure that the industry remains viable.
Beyond the urgent issues pertaining to the sale and future of Arrium and the steelworks in Whyalla, Malcolm Turnbull must act to secure the future of the broader Australian steel industry and supply chain.
Labor knows that further industry-wide reforms will be required to maintain Australia’s steelmaking capabilities.
These must include policy and legislative reform in anti-dumping, government procurement, and standards.
Labor won’t abandon Australian steel workers, leaving them to struggle alone against the global pressures threatening their industry.
Labor understands that standing up for Australian jobs means preserving the jobs of people who are working now.
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Government funding should also be allocated to support research and development to put our nation to be on the front foot of innovation in steelmaking.
Procurement policy should be drafted to encourage prevalent use of locally made steel for government funded infrastructure projects to ensure high quality products and to support the domestic steelmaking industry.
As a pensioner I can not afford to lose everything
http://www.michaelwest.com.au/mystery-flight-of-ansett-accounts/
Weak and cowardly leadership by Turnbull and previous Labor Government, especially when compared to Trump who is attacking the problem head on. The big losers are the Arrium employees, shareholders and creditors. Big winners KordaMentha, UBS, Macquarie Bank, Morgan Stanley along with all the other legal entities gourging cash from the Arrium treasury, all with approval from the big 4 banks, Government and their supposed watchdog, ASIC.
We’ve seen this all before, yet nothing changes.
http://www.abc.net.au/news/2016-04-23/import-duties-imposed-on-cheap-chinese-steel/7352666
Will Australia’s national security or economic future be anymore secure having its only secure steel producer in the hands of foreign owners? Do you think the employees future will be anymore secure?
Arrium has now a stronger balance sheet and stronger cashflow statement. There is no need for excessive administration fees, nor selling fees. It can and should be returned to trading with a new board and leaner competent management. Its a simple solution. The time for administration is over return Arrium to its owners!
How is selling off this company to foreign entities a good thing for Australia? What tax will the new owners pay? 16% like the other multinationals? What will the social and financial cost to these employees be? Are the employees jobs garanteed under new ownership?
Do the new owners plan to import product and sell it through Onesteel distribution?
In which country will the admin jobs be relocated to?
Arrium Australia has a very bright future in both steel and iron ore. Huge improvements to profit are just around the corner due to the iron ore benefication plants due to start processing shortly.
No need to sell off an Australian company like this.
February 13, 2017
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Charles Law – ASU
Jobs! Jobs! and Jobs!
Arrium steel, mining, recycling and distribution divisions are all running profitably with appropriate workforce structure in place. The outlook of the steel and iron ore are as prosperous as ever in recent times based on the current market fundamentals and the structural change in China and US policies in relation to steelmaking and infrastructure projects.
What will happen to the jobs when the steel and mining assets are being sold off?
How many jobs are going? Can the new owner guarantee no jobs will be lost as a result of synergy? Which plants, offices and operations will be closed as part of the operation restructuring?
What about the workers conditions? Can the new owner guarantee the workers conditions will not be dwindled and no lower wage workers will be imported from overseas to compete against local workers to drive conditions down?
National Assets are GONE forever!
It took over 100 years to establish a proudly Australian owned domestic steelmaking assets to provide stable jobs and security to many hard working Australian at the time of building the nation.
How much local steel have we produced locally to build the Sydney Harbour Bridge in the 30s during the second world war and global recession?
How are we going as a nation to provide national security and economic stimulus to the country when the world is heading to war and facing another global recession if the raw material used in infrastructure projects are no longer owned by us?
Do we have other options than selling off these assets?
YES! YES! and YES!
With the surge in steel and iron ore prices to multiyear high, based on our detailed analysis, the company is projected to earn over A$500m EBITDA which is more than sufficient to service and pay off the remaining financing debts over the next few years.
We ASU plead the Unions and Governments to take proactive approach to engage in dialogue without delay to consider the debt refinance option with the current lending syndicate in order to take the company out of administration and return to normal trading as the utmost priority.
Banks, being the corporate citizens and key driver of economic prosperity and were supported and “saved” by the government using taxpayers monies during the GFC, should work collaboratively with the governments to support the national interest.
Jobs are Not guaranteed and time is running out!
Inaction by the unions and governments is not the option at this historical moment and we plead all the stakeholders to take responsible and prudent approach in assessing the current situation and taking appropriate actions without delay!
http://arrium-asu.wixsite.com/fight-for-justice/single-post/2017/02/13/Save-Our-Jobs-and-Save-Our-Industry
Visit Arrium Shareholders United for more information on how to fight for the Australian Steel Industry and Jobs
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