THE MAKING of the NEWCASTLE INDUSTRIAL HUB 1915 to 1950

Total Page:16

File Type:pdf, Size:1020Kb

THE MAKING of the NEWCASTLE INDUSTRIAL HUB 1915 to 1950 THE MAKING OF THE NEWCASTLE INDUSTRIAL HUB 1915 to 1950 Robert Martin Kear M.Bus. (University of Southern Queensland) A thesis submitted in fulfilment of the requirements for the degree of a Master of Philosophy in History January 2018 This research was supported by an Australian Government Research Training Program (RTP) Scholarship STATEMENT OF ORIGINALITY I hereby certify that the work embodied in the thesis is my own work, conducted under normal supervision. The thesis contains no material which has been accepted, or is being examined, for the award of any other degree or diploma in any other university or other tertiary institution and, to the best of my knowledge and belief, contains no material previously published or written by another person, except where due reference has been made in the text. I give consent to the final version of my thesis being made available worldwide when deposited in the University’s Digital Repository, subject to the provisions of the Copyright Act 1968 and any approved embargo. Robert Kear ii ABSTRACT Aim of this Thesis The aim of this thesis is to chart the formation of the Newcastle Industrial Hub and to identify the men who controlled it, in its journey from Australian regional obscurity before 1915, to be the core of Australian steel manufacturing and technological development by 1950. This will be achieved through an examination of the progressive and consistent application of strategic direction and the adoption of manufacturing technologies that progressively lowered the manufacturing cost of steel. This thesis will also argue that, coupled with tariff and purchasing preferences assistance, received from all levels of government, the provision of integrated logistic support services from Newcastle’s public utilities and education services underpinned its successful commercial development. The availability of good coking coal and an operational port first attracted the steel industry to Newcastle. The BHP steelworks was operational in 1915 and by 1921 it had been joined by three new downstream steel fabrication companies which manufactured forged rolling stock products, steel wire and steel sheet products. Led by Harold Darling, Chairman of the BHP board, and Essington Lewis, BHP’s Chief General Manager, the steelworks and the downstream fabrication companies developed and consolidated their manufacturing and financial positions during the 1920s. In parallel with growth of the steel companies, the Newcastle-based public utilities and heavy engineers, which provided the industrial logistic support base on which the steel industry relied, developed in parallel. The combination of organisational changes, government support and the introduction of improved technologies progressively lowered the cost of steel manufacture and increased the Australian steel industry’s competitive position. This was a factor which enabled the NIH to survive and recover from the Great Depression of the early 1930s. The Great Depression was immediately followed by a boom in industrial growth by the Australian steel industry. In parallel with this manufacturing growth, from 1935 the NIH was progressively prepared for war. The declaration of war in 1939 found the NIH ready to manufacture the wide range of steel products and munitions required for war in quantity, until the end of the conflict in 1945. War encouraged innovation in the NIH, with a number of special products developed and manufactured by the BHP steelworks and each of the steel iii fabricators. The labour shortages which ruled between 1942 and 1944 saw female workers recruited to work in the steel industry for the first time. However, economic uncertainty at the end of the war saw an eruption of industrial relations problems in the steel and coal industries. This caused considerable industrial disruption between 1945 and 1950. In 1950, Darling died and Lewis retired, but with these driving forces gone the NIH was left seeking strategic direction, a problem that was not overcome until the 1960s iv ACKNOWLEDGEMENTS First and foremost I would like to extend my sincere thanks to my supervisors, Professor Nancy Cushing and Dr James Bennett for their continued support, encouragement and patience throughout my M.Phil candidature. The critical feedback I received from both supervisors and their exacting standards have improved this thesis immeasurably. I would also like to thank the Auchmuty Library staff and the staff in the Newcastle Regional Library for their tolerance of the questions that I sometimes asked and their good hearted assistance. I would also like to thank Professor Jo May for her comments on the completed thesis. I would also like to extend my love and gratitude to my wife Kerry for her tolerance and understanding, for without her enduring support, my journey through the university and this candidature would not have been possible. Lastly, I would like to thank my fellow Ph.D. and M.Phil students for their ongoing encouragement and support. v TABLE OF CONTENTS Statement of Originality…………………………………………………………… ii Abstract……………………………………………………………………………… iii Acknowledgements ………………………………………………………………. v Table of Contents ………………………………………………………………….. vi Figures ………………………………………………………………………………. vii Tables ……………………………………………………………………………….. viii Chapter 1: …………………………………………………………………………… 1 Chapter 2 ……………………………………………………………………………. 20 Chapter 3…………………………………………………………………………… 46 Chapter 4 ……………………………………………………………………………. 67 Chapter 5 …………………………………………………………………………..... 95 Chapter 6 ……………………………………………………………………………. 127 Chapter 7 ……………………………………………………………………………. 151 Chapter 8 …………………………………………………………………………….. 171 Chapter 9 ……………………………………………………………………………. 189 Chapter 10……………………………………………………………………………. 209 Bibliography ……………………………………………………………………………. 215 Appendices: A Coke Ovens and BHP By-Products 232 B Manufacture of Bullet Proof Steel 234 C Manufacture of Tungsten Carbide 236 D Manufacture of Manganese 238 E Charter Given to the Director of Munitions – 240 Essington Lewis 22 May 1940 vi FIGURES No Text Page 1.1 Map of the Newcastle Industrial Hub, 1948 4 1.2 The Newcastle Industrial Area in 1935: View East, 5 Showing Stewarts and Lloyds, Lysaght, Ryland Bros. (Aust) and the BHP Steelworks 2.1 Launching the Newcastle Floating Dock, Walsh 42 Island Dockyard and Engineering Works, 1928 3.1 Coal Tar Derivatives 53 3.2 Typical BHP Spares and Tools Shadow Board 55 5.1 Lewis and Darling at a Newcastle Club Dinner in 97 1935 5.2 Stewarts and Lloyds Continuous Weld Tube Mill in 98 1935 5.3 The Newcastle Industrial Hub in 1935 105 5.4 Timeline of the Preparation of the Newcastle 116 Industrial Hub for War 1933 – 1940 5.5 Assembled Anderson Shelter 126 6.1 Cutting and Stacking Bullet-Proof Plate Components, 140 Lysaght 1941 7.1 Woman Machinist at Stewarts and Lloyds in 1942 155 7.2 Stewarts and Lloyds VDC Company on Parade in 170 1943 9.1 Platt’s Channel and Spit Island 197 9.2 5100-ton Schloemann Forging Press 199 9.3 BHP Fleet tied up in Newcastle in 1949 208 vii TABLES No Text Page 3.1 Steel Production and Employment at BHP, 59 1925−1930 3.2 Commonwealth Steel Company Production, 61 1923–1930 3.3 Horsepower of Factories in New South Wales, 62 Selected Years 4.1 Australian Domestic Debt Burden in 1929 69 4.2 Australian Balance of Trade 1930-1931 77 4.3 Steel Production and Employment Variability 83 between 1929 and 1934 4.4 NIH Steel Fabrication Companies — Production 84 and Employment Variability, 1929–1934 4.5 Prices of Australian and British Iron and Steel 85 (Sterling per Ton) 4.6 Equipment Installed at the BHP Steelworks 91 between 1930 and 1934 5.1 Munitions Annexes Established in Newcastle, 1939 123 6.1 Wartime Products Manufactured by Companies in 135–38 the Newcastle Industrial Hub 6.2 Hunter District Water Board Workforce 1939−1944 145 7.1 Australian Steel Ingot Production 1938/39 to 152 1944/45 7.2 Nominal Real Wages 1939 to 1946 157 7.3 Black Coal Production in Australia in 1942 164 7.4 Working Days Lost in Industrial Disputes 165 1939–1943 7.5 Diploma Course Enrolments in Newcastle 167 1918–1944 8.1 Prices of Australian, British and United States Iron 175 and Steel 1938 and 1946 8.2 Principal Imports of Iron and Steel into Australia 176 1944–1950 vs Australian Production 8.3 Steel Production and Employment, Newcastle 180 Steelworks 1942–1950 viii CHAPTER 1: INTRODUCTION Colin Forster, in his 1964 book Industrial Development in Australia 1920–1930, observed that industrial history in Australia is a neglected field.1 Little has changed in the ensuing half century, particularly in the case of regional industrial centres such as Newcastle, Australia. This thesis seeks to address this gap through a close study of the factors which influenced the development of Australia’s first large-scale manufacturing centre in Newcastle between 1915 and 1950. It was in this period that Newcastle became the site of a fully integrated manufacturing complex and logistics network, capable of high levels of production and technological innovation. With encouragement from the Federal and State Governments, together with carefully nurtured trans-national commercial arrangements, by 1920 this centre had commenced to develop into a large-scale multidisciplinary manufacturing and logistics network. This network, or cluster, existed because of the geographic concentration of associated firms and organisations involved in the chain production of steel goods and associated services. The firms and organisations involved in the Newcastle industrial cluster, because of its geographic separation from
Recommended publications
  • Newcastle Fortresses
    NEWCASTLE FORTRESSES Thanks to Margaret (Marg) Gayler for this article. During World War 2, Newcastle and the surrounding coast between Nelson Bay and Swansea was fortified by Defence forces to protect the east coast of New South Wales against the enemy, in case of attack from the Japanese between 1940 and 1943. There were the established Forts along the coastline, including Fort Tomaree, Fort Wallace (Stockton), Fort Scratchley, Nobbys Head (Newcastle East) and Shepherd’s Hill (Bar Beach) and Fort Redhead. The likes of Fort Tomaree (Nelson Bay), Fort Redhead (Dudley) and combined defence force that operated from Mine Camp (Catherine Hill Bay) came online during the Second World War to also protect our coast and industries like BHP from any attempt to bomb the Industries as they along with other smaller industries in the area helped in the war effort by supplying steel, razor wire, pith hats to our armed forces fighting overseas and here in Australia. With Australia at war overseas the Government of the day during the war years decided it was an urgency to fortify our coast line with not only the Army but also with the help of Navy and Air- Force in several places along the coast. So there was established a line of communication up and down the coast using all three defence forces involved. Starting with Fort Tomaree and working the way down to Fort Redhead adding a brief description of Mine Camp and the role of the RAAF, also mentioning where the Anti Aircraft placements were around Newcastle at the time of WW2.
    [Show full text]
  • Lake Macquarie City Destination Management Plan 2018 – 2022 3
    CONTENTS .................................................................................................................................... I 1. WORDS FROM OUR MAYOR ............................................................................................ 3 2. EXECUTIVE SUMMARY ..................................................................................................... 4 1. Destination Analysis .......................................................................................................... 5 2. Destination Direction ....................................................................................................... 10 3. DESTINATION ANALYSIS ................................................................................................ 16 1. Key destination footprint ................................................................................................. 16 2. Key assets....................................................................................................................... 17 3. Key infrastructure ............................................................................................................ 19 4. Key strengths and opportunities ..................................................................................... 21 5. Visitor market and key source markets ........................................................................... 23 6. Market positioning ........................................................................................................... 26 7. Opportunities
    [Show full text]
  • Print This Page
    RAAF Radschool Association Magazine – Vol 42 Page 16 Fairbairn. Recently we were in Canberra and someone had suggested to us that Fairbairn had changed a bit so we thought we’d take a look. Having never been posted there we didn’t know what it was like previously – but we knew a bloke who would. Paul Spackman had spent some time there with 5 Squadron after he’d done a stint at Vung Tau with 9 Squadron, so we contacted him and asked if he would give us a tour – and after we’d passed over the required 3 cartons, he agreed. Paul said most of the time he spent at Fairbairn was a bit of a blur but he said he’d do his best. We’ve included a Google map of the base (below) and added letters which will correspond with each photo so you know from where each photo was taken. These pics are sure to bring back a lot of fond memories for a lot of people. You can click some pics for a bigger/clearer view. A RAAF Radschool Association Magazine – Vol 42 Page 16 A First thing you notice is there is now no restriction on entering. The guard house and the boom are still there but the guard house is empty and the boom is always up. You can now just drive in – which we did. B The Base Sqn Fireys used to park their big red trucks at the back of the guard house, but no longer. It doesn’t look like it’s used at all these days, probably could be a store room or something.
    [Show full text]
  • Lithgow Steel History Research for Ironfest
    Ironfest 2019 20th year April 27th and 28th at Lithgow Showground Bea Pierce 13 hrs · Yay!! Catbus is now a thing - he’s safely stabled and ready to roll tomorrow. You know, no artist truly works alone, especially not when making something of this scale. Big thanks to my family - it’s been a group effort! Maia has contributed much of her furry costume making knowledge and made his nose. Kai has helped lug stuff and help me take the skin on and off multiple times (believe me - it’s heavy and like wrestling a dead bear) and of course my partner in crime as always is Adam, who had the engineering challenge of constructing the frame and making it all work! Bea Pierce - Jellybumps The Catbus ( Nekobasu) (referred to in the film as Neko no basu) is a character in the Studio Ghibli film My Neighbor Totoro, directed by Hayao Miyazaki. It is a large creature, depicted as a grinning, twelve legged cat with a hollow body that serves as a bus, complete with windows and seats coated with fur, and a large, bushy tail. The character's popularity has led to its use in a spinoff film, toys for children, an art car, and being featured in the Ghibli Museum, among other products and influences. A window stretches to become a door when a person would like to board it to travel. With its multiple caterpillar-like legs, it runs, flies, bounces, and hops across forests and lakes to reach its destination, making whole rice fields sway in its wake.
    [Show full text]
  • Bays West Draft Place Strategy
    Draft Bays West Place Strategy NSW Department of Planning, Industry and Environment March 2021 Welcome to Country The stretch of Country now known as Bays West Welcome to Country provided by Shannon Foster, has been known for millennia as Gari Gurad/ D'harawal Sydney Traditional Owner and Knowledge Nura (Saltwater Country) and Nattai Gurad/ Keeper. Artwork titled 'Guriwal Dreaming' by Shannon Nura (Freshwater Country). This Country is Foster. celebrated for vast expanses of garaban (rock Within the Bays West Place Strategy, you will and sandstone) which in some places provides encounter stories of the Bays West location gibbaragunya (stone/cave shelters), and in other specifically. These are a small selection of the places creates yiningmah (steep cliffs) where D'harawal stories of this place. They are shared by a ceremony can be performed privately without contributor to this document, D'harawal Knowledge uninitiated onlookers. Keeper Shannon Foster, whose Ancestors kept these knowledges alive, and whose Elders and Knowledge For thousands of generations, local Aboriginal Keepers still celebrate, live by and share them today. people have lived an abundant and sustainable lifestyle within a complex kinship system of The cultural Intellectual Property (IP) of all Aboriginal numerous families and clans on this Country peoples, including the cultural IP of these stories, including the D’harawal, Dharug, Eora, Gai- remains with the people they belong to and can never maragal, Gundangara and Guringai peoples, be vested or assigned. In this case the stories belong among others. We pay our respects to their to the D'harawal people of the Sydney region who Ancestors and Elders past, present and know themselves as Iyora here, and these stories emerging and acknowledge that through may not be duplicated or used without the express honouring Country, we also honour their timeless permission of Sydney D'harawal Elders or Knowledge connections to Country.
    [Show full text]
  • Regolith-Landforms and Plant Biogeochemical Expression of Buried Mineralisation Targets in the Northern Middleback Ranges, (“Iron Knob South”) South Australia
    Regolith-Landforms and plant biogeochemical expression of buried mineralisation targets in the Northern Middleback Ranges, (“Iron Knob South”) South Australia Louise Thomas Geology and Geophysics, School of Earth and Environmental Science, University of Adelaide, Adelaide SA 5005, Australia A manuscript submitted for the Honours Degree of Bachelor of Science, University of Adelaide, 2011 Supervised by Dr. Steven M. Hill 2 ABSTRACT South of the town Iron Knob on the northern Eyre Peninsula, a tenement scale plant biogeochemical survey and regolith-landform mapping, combined to define areas with elevated Cu, Zn and Au contents that are worthy of follow-up exploration. Plant biogeochemistry was conducted within a 6 Km2 area with 1 Km spacing between each E-W trending transect and 200 m spacing between each sample. A regolith-landform map presents the distribution of regolith materials and associated landscape processes to help constrain geochemical dispersion. A Philips XL30 SEM provided insight into how the plants uptake certain elements and distribute them within the organs structure. Two zones of elevated trace metals (e.g. Cu, Au and Zn) were defined either side of a NW-SE structure crossing over the N-S trending „Katunga‟ ridge. Both targets were located on similar regolith-landform units of sheet-flood fans and alluvial plains. Copper and Zn results were best represented by the western myall species while the bluebush species was best at detecting Au. A follow up study targeting the NW-SE structure with closer sample spacing is recommended in further constraining drilling targets. For the tenement holding company, Onesteel Ltd, these results are significant as they define two new areas of interest for possible IOCG mineralisation.
    [Show full text]
  • Annual Report 2018
    ANNUAL REPORT 2017-18 Hunter Water 01 July 2017 - 30 June 2018 Acknowledgement of Country Hunter Water operates across the traditional country of the Awabakal, Birpai, Darkinjung, Wonaruah and Worimi peoples. We recognise and respect their cultural heritage, beliefs and continuing relationship with the land, and acknowledge and pay respect to Elders past, present and future. ABOUT THIS REPORT The Annual Report 2017-18 provides an overview of Hunter Water’s activities and performance for the period 1 July 2017 to 30 June 2018. It includes our Vision and Purpose, highlights from the year, financial reports, statistical information and the activities of former subsidiary company, Hunter Water Australia Proprietary Limited (HWA), of which the assets were divested in December 2014. Until HWA has been liquidated and deregistered, there remains a legislative obligation under the Annual Reports (Statutory Bodies) Act 1984 (NSW) for the financial statements to be reported each year. Past annual reports can be found at hunterwater.com.au/annualreport. We welcome feedback on this report. Please email [email protected] or write to: Public Affairs | Hunter Water | PO Box 5171 | HRMC NSW 2310 LETTER OF SUBMISSION The Hon. Dominic Perrottet MP Treasurer and Minister for Industrial Relations Member for Hawkesbury 52 Martin Place SYDNEY NSW 2000 The Hon. Victor Dominello MP Minister for Finance, Services and Property Member for Ryde 52 Martin Place SYDNEY NSW 2000 Dear Treasurer and Minister Dominello We are pleased to submit the Annual Report of Hunter Water Corporation (Hunter Water) for the financial year ended 30 June 2018 for presentation to the Parliament of New South Wales.
    [Show full text]
  • Founding of a Steel Industry Australia's Steel Industry Has Its
    Founding of a Steel Industry Australia's steel industry has its origins in an unusual reversal of the ancient art of alchemy. Its founders made their fortunes not in the pursuit of gold and silver, as they all in some way hoped they might, but in the making of iron and steel. The industry has its genesis in the 19th century, in the days when gold mining and great landholdings were the main hope for wealth in Australia. Just where the story begins is a matter of personal perspective. For some, it begins with John Lysaght in England, for others with Charles Rasp at Broken Hill, and for yet others with the Hoskins family in Port Kembla or even Lithgow. All of these sought wealth from gold or silver along the way to founding the Australian steel industry, and their ultimate success is now embodied in the company that has become BlueScope Steel Limited. Over the years the three main threads of this story - Lysaght, BHP and Hoskins - have been interwoven in countless ways. The result is a fascinating and complex tale of endeavour in the best Australian traditions. Founding fathers A little chronology helps set the scene. Lysaght is the oldest part of the story, dating back to 1857, when a young John Lysaght set up a small galvanising business in Bristol, England. His company would ultimately form a very large part of the BlueScope Steel business, although it did not begin local production until 1921 when it set up a rolling and galvanising plant in Newcastle. For John Lysaght, the impetus to seek lucrative markets in Australia came from the gold rushes which began in the 1850s.
    [Show full text]
  • Derailment of Ore Train 24KW Near Whyalla, South Australia, 7 July 2014
    DerailmentInsert document of ore train title 24KW Locationnear Whyalla, | Date South Australia | 7 July 2014 ATSB Transport Safety Report Investigation [InsertRail Occurrence Mode] Occurrence Investigation Investigation XX-YYYY-####RO-2014-012 Final – 28 April 2015 Front cover: ATSB Released in accordance with section 25 of the Transport Safety Investigation Act 2003 Publishing information Published by: Australian Transport Safety Bureau Postal address: PO Box 967, Civic Square ACT 2608 Office: 62 Northbourne Avenue Canberra, Australian Capital Territory 2601 Telephone: 1800 020 616, from overseas +61 2 6257 4150 (24 hours) Accident and incident notification: 1800 011 034 (24 hours) Facsimile: 02 6247 3117, from overseas +61 2 6247 3117 Email: [email protected] Internet: www.atsb.gov.au © Commonwealth of Australia 2015 Ownership of intellectual property rights in this publication Unless otherwise noted, copyright (and any other intellectual property rights, if any) in this publication is owned by the Commonwealth of Australia. Creative Commons licence With the exception of the Coat of Arms, ATSB logo, and photos and graphics in which a third party holds copyright, this publication is licensed under a Creative Commons Attribution 3.0 Australia licence. Creative Commons Attribution 3.0 Australia Licence is a standard form license agreement that allows you to copy, distribute, transmit and adapt this publication provided that you attribute the work. The ATSB’s preference is that you attribute this publication (and any material sourced from it) using the following wording: Source: Australian Transport Safety Bureau Copyright in material obtained from other agencies, private individuals or organisations, belongs to those agencies, individuals or organisations.
    [Show full text]
  • Australian Iron & Steel
    lllawarra H rstorical Society August 61 THE BACKGROUND BEHIND THE FORMATION OF AUSTRALIAN IRON AND STEEL LTD. AND ITS EARLY HISTORY Don Reynolds presented a paper at the June Meet1ng on this topic. He began by outlining the efforts of James Rutherford in establishing an Ironworks at Lith­ gow in 1876, then detailing how William Sandford produced the first steel in Australia in May, 1900. Dan's paper then explored the manouvers involved in the Hoskins Family gaining control of the Lithgow works and the reasons for the family's decision to remove operations at Lithgow to another site. We reprint Dan's paper in full from the point where BHP establishes a Steelworks at Newcastle in competition with the Hoskins Lithgow Works. BHP entered the iron and steel industry in competition with Hoskins when they opened their new steelworks at Newcastle. The BHP plant was new, it was well laid out, it was on a good coal field for producing matallurgical coke, itwas on a tidewater location and it had ample reserves of good quality iron ore, even though the ore was in South Australia. Hoskins had a relatively old plant (much of it very old), the plant was poorly laid out and split between two sites at Lith­ gow, it had to rail it's raw materials and products long distances, it's reserves of iron ore were small and of low grade and the local coal made inferior metall­ urgical coke. The Hoskins' Family were finding the position anything but promising. In 1916 they purchased the leases of an undeveloped coal mine at Wongawilli and built a mine, coal washery and coke ovens at Wongawilli to supply coke to their Lithgow works.
    [Show full text]
  • Highways Byways
    Highways AND Byways THE ORIGIN OF TOWNSVILLE STREET NAMES Compiled by John Mathew Townsville Library Service 1995 Revised edition 2008 Acknowledgements Australian War Memorial John Oxley Library Queensland Archives Lands Department James Cook University Library Family History Library Townsville City Council, Planning and Development Services Front Cover Photograph Queensland 1897. Flinders Street Townsville Local History Collection, Citilibraries Townsville Copyright Townsville Library Service 2008 ISBN 0 9578987 54 Page 2 Introduction How many visitors to our City have seen a street sign bearing their family name and wondered who the street was named after? How many students have come to the Library seeking the origin of their street or suburb name? We at the Townsville Library Service were not always able to find the answers and so the idea for Highways and Byways was born. Mr. John Mathew, local historian, retired Town Planner and long time Library supporter, was pressed into service to carry out the research. Since 1988 he has been steadily following leads, discarding red herrings and confirming how our streets got their names. Some remain a mystery and we would love to hear from anyone who has information to share. Where did your street get its name? Originally streets were named by the Council to honour a public figure. As the City grew, street names were and are proposed by developers, checked for duplication and approved by Department of Planning and Development Services. Many suburbs have a theme. For example the City and North Ward areas celebrate famous explorers. The streets of Hyde Park and part of Gulliver are named after London streets and English cities and counties.
    [Show full text]
  • Arrium Mining GMUSG Gavin Hobart, General Manager Development
    Arrium Mining GMUSG Gavin Hobart, General Manager Development 21 August 2013 This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Arrium and certain plans and objectives of the management of Arrium. Forward-looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. All such forward looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies and other factors, many of which are outside the control of Arrium, which may cause the actual results or performance of Arrium to be materially different from any future results or performance expressed or implied by such forward looking statements. Such forward-looking statements speak only as of the date of this presentation. Factors that could cause actual results or performance to differ materially include without limitation the following: risks and uncertainties associated with the Australian and global economic environment and capital market conditions,TITLE the TEXT cyclical nature of the steel industry, the level of activity in the construction, manufacturing, mining, agricultural and automotive industries in Australia and North and South America and, to a lesser extent, the same industries in Asia and New Zealand, mining activity in the Americas, commodity price fluctuations, fluctuations in foreign currency exchange and interest rates, competition, Arrium's relationships with, and the financial condition of, its suppliers and customers, legislative changes, regulatory changes or other changes in the laws which affect Arrium's business, including environmental laws, a carbon tax, proposed mining tax and operational risk.
    [Show full text]