NZ Steel joins greenhouse queue

New Zealand Steel, operator of the Glenbrook steel works, has joined the queue of companies seeking negotiated greenhouse agreements.

Firms whose international competitiveness would be at risk if subject to the carbon tax due to come into effect in 2007 can negotiate agreements which exempt them from the tax in return for a binding agreement to move to world's best practice in greenhouse gas emissions for comparable plants.

New Zealand Refining and miner OceanaGold have completed agreements.