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BlueScope Steel Ltd Cuts Output, 170 Jobs At Australia Steel Plant-DJ


Sunday, 13 Jan 2013 11:42pm EST 

Dow Jones reported that BlueScope Steel Ltd planned to cut production by about a quarter at a processing plant in Australia's Victoria state, resulting in the loss of 170 jobs, as it attempts to return to profitability. The company by revenue has been tackling a major restructure of its operations after the near-record high Australian dollar, low steel prices and softening demand put a squeeze on margins. This included abandoning exports from Australia that historically accounted for around half its sales, as the strong currency eroded its international competitiveness. 

Company Quote

6.06
0.03 +0.50%
29 Jul 2014