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BlueScope Steel boss warns safeguard mechanism changes could impact sovereign manufacturing

BlueScope Bluescope Steel Australia Covid-19

BlueScope Steel is consulting with the federal government about changes to the safeguard mechanism. (ABC Illawarra News: Ainslie Drewitt-Smith)

BlueScope Steel has defended a one-billion dollar investment in carbon-based steelmaking, while warning against changes to emissions reductions laws which could damage Australia's sovereign steelmaking capabilities.

Australia's largest steelmaker told shareholders the federal government's proposed changes to the safeguard mechanism could have a material impact on its business.

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