NZ Steel loses $13m emissions subsidy

The Glenbrook steel mill is one of NZ's largest industrial businesses. (Image: NZME)

Mon, 04 Nov 2024

New Zealand Steel has lost a greenhouse gas emissions subsidy worth about $13 million with the company warning the Government the money was part of the calculations used to justify it switching to an electric arc furnace.Under the emissions trading scheme (ETS), the Government provides companies in emissions-intensive industries exposed to international competition with NZ units (NZUs) each year.The logic is to reduce the risk of closure or moving production offshore to jurisdictions that do not face the same carbon cost.This industrial allocat...

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