Global Business News

BlueScope Steel Australia posts $1.1 billion loss, closes 2 plants, 1,000 jobs cut


BlueScope Steel Ltd, the largest steel maker of Australia had announced that they will be closing 2 of their production facilities in the country which will directly cost some 1,000 jobs. This came in the wake of the recent release of the accounts of BlueScope Steel Ltd. Of a $1.05 billion Australian dollar annual loss which prompted a major restructuring process.

The shutdown will involve the Pork Kembla blast furnace plant located in New South Wales. The other plant is in Victoria which is the hot strip mill in Western Port. Both closures will involve cutting of 800 and 200 jobs respectively. And that is not all as BlueScope said that apart from the operations and job cuts, contractors and suppliers too will be directly and indirectly affected. The report was reported for the fiscal year ending June 30, 2011. In the corresponding year before, BlueScope recorded  an AU$126 million profit.

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