OneSteel Limited (ASX:OST) and BlueScope Steel Limited (ASX:BSL) are two companies that have welcomed Prime Minister Julia Gillard’s weekend announcements.
A $300 million assistance package announced yesterday will effectively exempt the two steel makers from the carbon tax. The Steel Transformation Plan will allocate funds to improve steel makers efficiency, and will cover 94.5 per cent of carbon costs for the companies. BlueScope chief executive Paul O'Malley described the tax as, ''a pragmatic solution to a complex problem.''
For the second half of 2010, OneSteel Limited (ASX:OST) reported a profit of $119.5 million.
