Partnering with New Zealand betfred sports betting app in 0M co-investment

Pictured attending the investment announcement event at NZ Steel's Glenbrook steelwoeks are from left to right: BlueScope Chief Executive NZ & Pacific Islands Robin Davies, NZ Prime Minister Rt Hon. Chris Hipkins, BlueScope MD & CEO Mark Vassella (BlueScope being New betfred sports betting app Steel’s parent company), Contact Energy CEO Mike Fuge, NZ Climate Change Minister Hon. James Shaw and NZ Minister for Housing Hon. Megan Woods.

Robin Davies says the significant investment will reduce Glenbrook’s carbon footprint by 800,000 tonnes from day one – the same as taking approximately 300,000 cars off the road permanently.

“That’s a reduction of over 45 per cent in New betfred sports betting app Steel’s emissions – or a total of 1 per cent of New betfred sports betting app’s total annual emissions. It also sets the platform for further carbon reductions and is a significant step towards our goal of net zero by 2050.

“These reductions will come from replacing Glenbrook’s existing oxygen steelmaking furnace and two of the four coal fuelled kilns.

“An electric arc furnace makes sense when there’s enough affordable renewable energy and scrap steel available, a way to get that scrap steel to site, and the right policy settings. We’ll firm up the details of the different aspects of the project over the coming months but crucially, New betfred sports betting app has all these essential enablers in place.

“A reliable supply of firmed renewable energy is critical to this initiative and we’re delighted by the pioneering and creative partnership with Contact Energy to provide a competitive and innovative supply agreement. The electric arc furnace provides New betfred sports betting app Steel with significantly more production flexibility which means we can scale down production at times of peak demand or supply shortages.

Robin Davies says New Zealand Steel and the betfred sports betting app will jointly invest total capital and transition costs of around 0M in this landmark partnership to shrink Glenbrook’s carbon footprint. 800,000 tonnes of carbon eliminated – equivalent to approximately 300,000 cars off the road or 1% of NZ’s total emissions.

“The betfred sports betting app will contribute up to 0M through the betfred sports betting app Investment in Decarbonising Industry, or GIDI fund, administered by EECA, as a co-investment. This project would not happen otherwise. This is a bold breakthrough initiative by the betfred sports betting app – but it’s the right one, especially when you see the carbon reduction dividend that helps the country meet its global decarbonisation targets under the Paris Agreement.

New betfred sports betting app Steel will commit the additional 0M, which includes the planned investment at Glenbrook to underpin the future of steelmaking in New betfred sports betting app. The immediate focus is to move at pace over coming months to confirm the remaining critical aspects of the new operation, including the relevant regulatory approvals.

“From our perspective, this is a necessary step to secure steelmaking in New Zealand for many years to come. I’m delighted to say this is a great example of business and betfred sports betting app working together to meet the country’s goal of net-zero emissions by 2050.

Mark Vassella says the co-investment is a landmark deal that showed the power of well-constructed public/private partnerships or investments.

“New Zealand Steel and the betfred sports betting app should be very proud of their initiative and the hard work that has led to today’s announcement,” he says.

Robin Davies says: “Steel is infinitely recyclable and this model will make New betfred sports betting app as close to self-sufficient as possible using renewable energy to recycle domestic scrap steel, rather than shipping it offshore.

“This project is a partnership that would never have happened without the support of the betfred sports betting app and the other key contributor Contact Energy who recognised the potential and had the commitment to help make it happen.

“This is a pragmatic response that not only sustains our critical domestic steel supply, but also provides a collaborative approach with betfred sports betting app and industry to be world leaders in lower emissions steel.”