Mr Kraehe had led the company since it was demerged from BHP Billiton in 2002 - a period which BlueScope described as one of intense volatility for the steel industry.

He will retire at the company’s AGM on November 19, to be replaced as chairman by John Bevan, who is a non-executive director on the BlueScope board.

Mr Kraehe has previously been a director of the Reserve Bank, News Corporation and Brambles.

Mr Bevan described him as a ‘‘conviction businessman’’.

‘‘Graham has been a great conviction businessman, passionately arguing for economic reform to improve Australia’s overall competitiveness,’’ he said.

‘‘He has led some great Australian companies, and as chairman of BlueScope he led the board and management through some difficult times, and major restructuring which has returned the company to profitability post the global financial crisis.

‘‘All of us wish him well in his retirement.’’

Mr Kraehe took an especially prominent role as a warrior against the carbon tax during the former Labor government’s introduction of its carbon pricing scheme.

Mr Kraehe did not pull punches while defending the interests of the company he chaired, which was set to earn a significant carbon tax liability.

More to come.