Bluescope Steel to invest $1 billion in Ohio mill

Australia-based steelmaker Bluescope Steel has announced that it will invest almost $1 billion in its Ohio steel mill, North Star.

The company will expand its U.S. production facilities by 40 percent. The expansion is expected to be completed by 2023.

One of the drivers of the expansion into the North American market is the cheaper cost of energy in the U.S. compared to Australia.

With energy such a big factor in the company’s growth in the U.S., Innes Willox, chief executive of Ai Group (Australian Industry Group), noted how energy policy is an area where Australian governments could support local manufacturing.

“While the result is a testament to strong management, it should also serve as a wake-up call that without addressing our policy challenges, Australia runs the risk of failing to take advantage of the real strengths that underpin our economy,” said Willox.