The Federal Government has announced the opening of the  $164 million in competitiveness assistance advances under the Australian Government's Steel Transformation Plan (STP).

 

Former Innovation Minister Senator Kim Carr (now Minister for Manufacturing) said the advance facility is an essential part of the Steel Transformation Plan to ensure the future of the Australian steel industry.

 

Under the competitiveness assistance advances, the Government has brought forward up to $164 million which will allow eligible participants to draw down advances of their future STP entitlements to help the industry become more competitive and sustainable.

 

When announcing the provision of competitiveness assistance advances, the Prime Minister said that the facility would allow BlueScope Steel to bring forward into 2011-12 up to $100 million of the payments allocated to it under the STP.