NZ$ 300 million EAF project at NZ Steel moves into execution

BlueScope today announced that the NZ$300 million project to construct an electric arc furnace (EAF) at its New
Zealand Steel (NZ Steel) works at Glenbrook, south of Auckland, has moved into execution, following Board
approval. The EAF, targeted to be operational by 2026, will reduce NZ Steel’s Scope 1 and 2 greenhouse gas
emissions by at least 45 per cent – the same as permanently taking approximately 300,000 cars off the road.

Underpinning the move to execution, the New Zealand Government has confirmed that its agreement to co-fund
the project is unconditional. Under the agreement, the New Zealand Government will contribute up to NZ$140
million through the Government Investment in Decarbonising Industry (GIDI) fund, and NZ Steel will invest around
NZ$160 million in capital and transition spend.

Delivery of the project remains subject to standard environmental regulatory approval.

Source: BlueScope, Photo: Fotolia