Four multinational steel manufacturers – Hyundai Steels, POSCO, Tsingshan Holdings and JSW Steel – are among 49 big corporates that have evinced interest in setting up their units in the State.

This week has made it painfully clear that their plan to drive down the price of Australia’s number one export has backfired — and now they’ve been hit with another devastating supply issue that is likely to drive prices up even further.