The state government has recognised the importance of the steelworks' blast furnace - declaring it critical infrastructure.
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Planning Minister Rob Stokes said the blast furnace reline has been granted Critical State Significant Infrastructure status.
The distinction will speed up the application process, and sees the minister directly responsible for the project's approval
"The continued operation of the Port Kembla steelworks is critical for economic success and regional jobs," Mr Stokes said.
"More than 60 per cent of the 3 million tonnes of steel produced there each year is for the Australian market, delivering significant road, rail and industrial projects.
"It is the largest manufacturing facility in Australia and contributes $10.3 billion to the NSW economy each year - generating one per cent of our Gross State Product."
The reline is vital for the continued existence of the steelworks - without it, it is impossible to make steel.
BlueScope's Australian Chief Executive John Nowlan welcomed the government's announcement.
"Achieving CSSI status is an important milestone in the planning approval process for a potential blast furnace reline," Mr Nowlan said.
"It will allow BlueScope to plan with confidence, knowing the NSW Government has gazetted this critical asset in its legislated infrastructure register.
"With the long lead time for orders of specialist equipment, and the intention to maximise work opportunities for local contractors during project execution, securing CSSI status was essential."
The blast furnace reline is in the pre-feasibility stage of the company's capital investment evaluation process.