This is the story of TATA Steel and Teeside Steel Mill that they own and closed. TATA purchased Corus (including Teeside) in 2007 and in 2008 (after the intro of ETS or CO2 Tax) they lobbied the Government for help in the form of EUA's European Union Allowances worth £600 million - similar to a gift of Australia's Carbon Credits to the same value. In 2009 they closed the steel mill - effectively lowering their CO2 emissions by 100% - so they have £600 million in credits given to them and so what does any good company do on closure - they sell assets YES! £1.2 Billion in carbon trading - no wonder they got out of the UK! Let's go further - TATA then set up a new steel mill in India equivalent to the reduced emmisions of CO2 that the Teeside UK plant was operating at when it produced steel! But they gain here again as the UN's Clean Development Mechanism will give them another bonus of £200 million per annum.
It gets worse - with the more they close (including ArcelorMittal group) the more they make. It's also amazing that IPCC Chairman Rajendra Kumar Pachauri (Nobel prize winner CO2 Entrepreneur) has close ties both financial and political to TATA Steel through TERI NGO's.
All the info is in these two links:
|Here's a Photo of Corus Teeside That TATA earned £1.2 Billion fron trading CO2?|
Let's just look at the facts on BlueScope to date.
1. Received a portion of the $300 million advance in CO2 Carbon credits over 4 years.
2. One Steel also got a portion of this.
3. BlueScope claims business is bad and shuts 1 Blast furnace (only a couple to go)
4. BlueScope now has 1 blast furnace of CO2 credits it can sell on the open market.
5. Still waiting for July 2012, and then shut a couple more.
6. Can turn the $300 million Govt grant into $600 million very quickly!
7. How? Shut more steel making polluting furnaces.
8. Already BlueScope in partnership with TATA http://www.tatabluescopesteel.com/
9. Build new steel plants in China, India etc and recieve more grants from UN.
10. Great lessons on how to make money making steel.
Story sound familar? So how long does it take for BlueScope to make a good earn from the government and CO2 trading before they close shop and move to India or somewhere else?
Carbon Trading will become more profitable than steel making!
Australia is asleep to what is currently being planned by the steel industry? More to come on this?
The Specialty Group - is the company granted Government money to start Solar Corrugated Sheeting in Cairns? Who is the rollformer they are doing the project with?