PM urges work on green steel over red wine in China
At a roundtable of Australian iron ore producers and Chinese steelmakers in Shanghai on Monday, Mr Albanese will call on China to address an oversupply of steel in the global market.
Excess Chinese steel production - the result of prolonged economic stimulus and weak domestic demand - has flooded the international market in recent years, squeezing producers in places such as the US and Europe, and precipitating allegations of dumping.
Australia imposed anti-dumping duties on steel imports from China but the World Trade Organization found they were improperly applied.
Mr Albanese knows Australian miners - and government revenue streams - are vulnerable to a downturn in the iron ore price.
"As both countries co-operate to advance decarbonisation, we also need to work together to address global excess steel capacity," he will tell the roundtable on Monday morning.
"It is in both countries' interests to ensure a sustainable and market-driven global steel sector."
It's hard to overstate the Australian economy's dependence on the Chinese iron ore trade.
China is by far Australia's largest export destination and iron ore is by far the largest component.
In 2024, Australia shipped $104.8 billion worth of the ferrous metal to China - about a sixth of the total value of exports to all trading partners.
In addition to Chinese oversupply, the iron ore industry faces another long-term challenge - climate change.
Turning iron into steel is a highly carbon-intensive process, accounting for seven to nine per cent of global emissions.
Efforts to create green steel are under way but scalability remains a challenge.
"Steel decarbonisation presents a range of challenges," Mr Albanese will say.
"What we need are enabling policy environments, extensive investments in research to develop new technologies and collaboration across academia, industry and government."
With leaders from iron ore giants Rio Tinto, BHP, Fortescue and Hancock in the room, Mr Albanese will pay tribute to the green steel projects those firms have under way.
Representatives from a host of Chinese steelmakers will also be present, including Qiu Yinfu, the general manager of Shougang, which is working with Rio on developing green technologies such as low-carbon sintering and blast furnace optimisation.
Later on Monday, Mr Albanese will deliver a speech to a high-level business lunch before flying to Beijing for the next leg of his six-day tour.
Australian red meat, rock lobster and red wine will be served at the lunch - three menu items that have found renewed favour in China after Beijing lifted trade sanctions on more than $20 billion worth of Australian imports.
Mr Albanese will again reiterate the importance of interpersonal relationships between Australian and Chinese business leaders and ongoing dialogue in maintaining positive relations.
"There is no fixed model for a stabilised relationship," he will say.
"Our job is to make sure that we manage our relationship so that we can contribute to regional and global peace and prosperity."
Prime Minister Anthony Albanese will raise Australian concerns over Chinese steel dumping as he urges industry leaders from both nations to work together to develop low-carbon steel production methods.
At a roundtable of Australian iron ore producers and Chinese steelmakers in Shanghai on Monday, Mr Albanese will call on China to address an oversupply of steel in the global market.
Excess Chinese steel production - the result of prolonged economic stimulus and weak domestic demand - has flooded the international market in recent years, squeezing producers in places such as the US and Europe, and precipitating allegations of dumping.
Australia imposed anti-dumping duties on steel imports from China but the World Trade Organization found they were improperly applied.
Mr Albanese knows Australian miners - and government revenue streams - are vulnerable to a downturn in the iron ore price.
"As both countries co-operate to advance decarbonisation, we also need to work together to address global excess steel capacity," he will tell the roundtable on Monday morning.
"It is in both countries' interests to ensure a sustainable and market-driven global steel sector."
It's hard to overstate the Australian economy's dependence on the Chinese iron ore trade.
China is by far Australia's largest export destination and iron ore is by far the largest component.
In 2024, Australia shipped $104.8 billion worth of the ferrous metal to China - about a sixth of the total value of exports to all trading partners.
In addition to Chinese oversupply, the iron ore industry faces another long-term challenge - climate change.
Turning iron into steel is a highly carbon-intensive process, accounting for seven to nine per cent of global emissions.
Efforts to create green steel are under way but scalability remains a challenge.
"Steel decarbonisation presents a range of challenges," Mr Albanese will say.
"What we need are enabling policy environments, extensive investments in research to develop new technologies and collaboration across academia, industry and government."
With leaders from iron ore giants Rio Tinto, BHP, Fortescue and Hancock in the room, Mr Albanese will pay tribute to the green steel projects those firms have under way.
Representatives from a host of Chinese steelmakers will also be present, including Qiu Yinfu, the general manager of Shougang, which is working with Rio on developing green technologies such as low-carbon sintering and blast furnace optimisation.
Later on Monday, Mr Albanese will deliver a speech to a high-level business lunch before flying to Beijing for the next leg of his six-day tour.
Australian red meat, rock lobster and red wine will be served at the lunch - three menu items that have found renewed favour in China after Beijing lifted trade sanctions on more than $20 billion worth of Australian imports.
Mr Albanese will again reiterate the importance of interpersonal relationships between Australian and Chinese business leaders and ongoing dialogue in maintaining positive relations.
"There is no fixed model for a stabilised relationship," he will say.
"Our job is to make sure that we manage our relationship so that we can contribute to regional and global peace and prosperity."
Prime Minister Anthony Albanese will raise Australian concerns over Chinese steel dumping as he urges industry leaders from both nations to work together to develop low-carbon steel production methods.
At a roundtable of Australian iron ore producers and Chinese steelmakers in Shanghai on Monday, Mr Albanese will call on China to address an oversupply of steel in the global market.
Excess Chinese steel production - the result of prolonged economic stimulus and weak domestic demand - has flooded the international market in recent years, squeezing producers in places such as the US and Europe, and precipitating allegations of dumping.
Australia imposed anti-dumping duties on steel imports from China but the World Trade Organization found they were improperly applied.
Mr Albanese knows Australian miners - and government revenue streams - are vulnerable to a downturn in the iron ore price.
"As both countries co-operate to advance decarbonisation, we also need to work together to address global excess steel capacity," he will tell the roundtable on Monday morning.
"It is in both countries' interests to ensure a sustainable and market-driven global steel sector."
It's hard to overstate the Australian economy's dependence on the Chinese iron ore trade.
China is by far Australia's largest export destination and iron ore is by far the largest component.
In 2024, Australia shipped $104.8 billion worth of the ferrous metal to China - about a sixth of the total value of exports to all trading partners.
In addition to Chinese oversupply, the iron ore industry faces another long-term challenge - climate change.
Turning iron into steel is a highly carbon-intensive process, accounting for seven to nine per cent of global emissions.
Efforts to create green steel are under way but scalability remains a challenge.
"Steel decarbonisation presents a range of challenges," Mr Albanese will say.
"What we need are enabling policy environments, extensive investments in research to develop new technologies and collaboration across academia, industry and government."
With leaders from iron ore giants Rio Tinto, BHP, Fortescue and Hancock in the room, Mr Albanese will pay tribute to the green steel projects those firms have under way.
Representatives from a host of Chinese steelmakers will also be present, including Qiu Yinfu, the general manager of Shougang, which is working with Rio on developing green technologies such as low-carbon sintering and blast furnace optimisation.
Later on Monday, Mr Albanese will deliver a speech to a high-level business lunch before flying to Beijing for the next leg of his six-day tour.
Australian red meat, rock lobster and red wine will be served at the lunch - three menu items that have found renewed favour in China after Beijing lifted trade sanctions on more than $20 billion worth of Australian imports.
Mr Albanese will again reiterate the importance of interpersonal relationships between Australian and Chinese business leaders and ongoing dialogue in maintaining positive relations.
"There is no fixed model for a stabilised relationship," he will say.
"Our job is to make sure that we manage our relationship so that we can contribute to regional and global peace and prosperity."
Prime Minister Anthony Albanese will raise Australian concerns over Chinese steel dumping as he urges industry leaders from both nations to work together to develop low-carbon steel production methods.
At a roundtable of Australian iron ore producers and Chinese steelmakers in Shanghai on Monday, Mr Albanese will call on China to address an oversupply of steel in the global market.
Excess Chinese steel production - the result of prolonged economic stimulus and weak domestic demand - has flooded the international market in recent years, squeezing producers in places such as the US and Europe, and precipitating allegations of dumping.
Australia imposed anti-dumping duties on steel imports from China but the World Trade Organization found they were improperly applied.
Mr Albanese knows Australian miners - and government revenue streams - are vulnerable to a downturn in the iron ore price.
"As both countries co-operate to advance decarbonisation, we also need to work together to address global excess steel capacity," he will tell the roundtable on Monday morning.
"It is in both countries' interests to ensure a sustainable and market-driven global steel sector."
It's hard to overstate the Australian economy's dependence on the Chinese iron ore trade.
China is by far Australia's largest export destination and iron ore is by far the largest component.
In 2024, Australia shipped $104.8 billion worth of the ferrous metal to China - about a sixth of the total value of exports to all trading partners.
In addition to Chinese oversupply, the iron ore industry faces another long-term challenge - climate change.
Turning iron into steel is a highly carbon-intensive process, accounting for seven to nine per cent of global emissions.
Efforts to create green steel are under way but scalability remains a challenge.
"Steel decarbonisation presents a range of challenges," Mr Albanese will say.
"What we need are enabling policy environments, extensive investments in research to develop new technologies and collaboration across academia, industry and government."
With leaders from iron ore giants Rio Tinto, BHP, Fortescue and Hancock in the room, Mr Albanese will pay tribute to the green steel projects those firms have under way.
Representatives from a host of Chinese steelmakers will also be present, including Qiu Yinfu, the general manager of Shougang, which is working with Rio on developing green technologies such as low-carbon sintering and blast furnace optimisation.
Later on Monday, Mr Albanese will deliver a speech to a high-level business lunch before flying to Beijing for the next leg of his six-day tour.
Australian red meat, rock lobster and red wine will be served at the lunch - three menu items that have found renewed favour in China after Beijing lifted trade sanctions on more than $20 billion worth of Australian imports.
Mr Albanese will again reiterate the importance of interpersonal relationships between Australian and Chinese business leaders and ongoing dialogue in maintaining positive relations.
"There is no fixed model for a stabilised relationship," he will say.
"Our job is to make sure that we manage our relationship so that we can contribute to regional and global peace and prosperity."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
36 minutes ago
- Sky News AU
‘We make our own decisions': Matt Thistlethwaite snaps back at US official's demand for Australia to outline role in Taiwan conflict
The Albanese government has insisted Australia will 'make our own decisions' about the use of nuclear submarines bought as part of the AUKUS agreement, despite pressure from an outspoken US defence official. The UK's Financial Times reported over the weekend that US under-secretary of defence for policy Elbridge Colby had been pressuring Australian and Japanese officials to outline the role they would play if a conflict between the US and China broke out over Taiwan. The demand has been defended by Chief Pentagon Spokesman Sean Parnell, who said it was "a simple fact that our allies must also do their part". "We do not seek war. What we are doing is ensuring the United States and its allies have the military strength to underwrite diplomacy and guarantee peace," he said. Responding on Monday, Assistant Foreign Minister Matt Thistlewaite said any decisions about a future conflict between the US and China would be made by the government of the day. 'Decisions such as that are made by the Australian Government. We act in our national interests. We are a sovereign nation, and we make our own decisions,' the Labor MP told Sky News Australia First Edition host Peter Stefanovic. Mr Thistlethwaite said the Albanese government wanted to see a 'peaceful, stable region which benefits all'. 'We're trying to make sure that it maintains peace and stability. That's the whole purpose of the way that the government operates in international relations,' he said. Under-secretary Colby is a high-profile sceptic of selling Australia nuclear submarines and is undertaking a review of the AUKUS agreement that makes the transfer of the nuclear submarine technology possible. Mr Colby responded to the reports in the Financial Times in a post on X, claiming he was implementing the President's agenda of 'restoring deterrence and achieving peace through strength', adding that it included 'urging allies to step up their defense spending and other efforts related to our collective defence'. 'This has been a hallmark of President Trump's strategy - in Asia as in Europe where it has already been tremendously successful,' he said. 'Of course, some among our allies might not welcome frank conversations. But many, now led by NATO after the historic Hague Summit, are seeing the urgent need to step up and are doing so. 'President Trump has shown the approach and the formula - and we will not be deterred from advancing his agenda.' Taiwan functions as a de-facto independent country, officially the Republic of China. However the Chinese Communist Party maintains the island nation is part of the People's Republic of China, and Taiwan's leaders have not officially declared independence. Publicly outlining the role Australia would play would signal an end to the policy of 'strategic ambiguity' both Australia and the United States have long maintained when it comes to Taiwan. Asked about Mr Colby's comments on Sunday, Prime Minister Anthony Albanese stressed that Australia did not support 'any unilateral action' when it came to Taiwan. 'We support the status quo when it comes to Taiwan. We don't support any unilateral action there. We have a clear position and we have been consistent about that,' he said. 'We want peace and security in our region. We don't want any change to the status quo. That's Australia's position today. That was Australia's decision last week.'
Sky News AU
an hour ago
- Sky News AU
Country Road to close QVB store in Sydney
Iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted by 6.2 per cent in the first half of the 2024-25 financial year and a further 8 per cent in the 26 weeks to December 29 as operating profits dropped 71.7 per cent to just $14.2m. Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. Country Road's recent falls are in line with the collapse of dozens of retailers. Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024. In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m. Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job. CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line. CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses. CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure. 'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said. 'Post-Covid, we've seen inflation hit 30-year highs. 'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.' Originally published as Fashion retailer to close flagship stores, citing sales pressure
West Australian
an hour ago
- West Australian
City Chic reports earnings turnaround but misses full-year guidance
City Chic has fallen short of its full-year earnings and sales guidance, with the Brett Blundy-backed womenswear retailer noting Donald Trump's ongoing tariff threats has affected consumer demand. City Chic chief Phil Ryan on Monday also warned the expected uplift in consumer demand from the Reserve Bank of Australia's recent interest rate cuts was yet to be seen. The retailer expects global sales to hit $134.7 million for the 2025 financial year. While the unaudited result was 2.3 per cent higher the the prior year, it was a miss on City Chic's revised guidance of between $137m and $147m provided in May. Earnings before interest, taxes, depreciation and amortisation for the year to June 29 will come in at $6m-$6.5m, a turnaround from a loss of $8.4m in the 2024 financial year, but also lower than its revised forecast of $8m-$12m. Mr Ryan said City Chic's return to profitability was a significant milestone for the business. He said It had recorded positive momentum in Australia and New Zealand, where it has 74 stores, with revenue up 15.2 per cent in the second half. 'The growth has been lower than planned, with the expected uplift from the recent interest rate cuts and improving consumer sentiment yet to materialise to the extent anticipated,' Mr Ryan said. 'The USA has remained volatile, with the ongoing changes in USA foreign trade policy directly impacting demand. 'Both factors have resulted in our revenue and EBITDA being slightly below our guidance.' In May, City Chic — where Mr Blundy's private investment vehicle BBFIT holds about a 7 per cent stake — said it had the option to pull the plug on its US operations if talks between the Trump administration and Beijing fail to resolve a stand-off that had slapped tariffs on Chinese imports. The group generates 20 per cent of revenue from the US and 90 per cent of its products are made in China. City Chic shares last traded at 8.6¢.
