Posted in | News | Ferrous Alloys and Metals | Iron and Steel

BlueScope Steel Announces Restructuring and Closure of Tin Mill at Port Kembla

Jun 29 2006

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BlueScope Steel today announced a restructuring program and the closure of the loss-making tin mill at Port Kembla in advance of higher iron ore pricing which takes effect 1 July.

The Company will close its manufacturing operations in Taiwan and eliminate approximately 250 management and staff jobs across all operations. The Company also plans a range of other restructuring and outsourcing initiatives aimed at reducing costs throughout the year.

Due to the significantly higher zinc prices, lower tinplate volumes and prices, and the lower earnings from Asia operations, BlueScope Steel now expects to be at the bottom end of its FY2006 after tax earnings outlook of $0.65 - $0.75 EPS. The one-off restructuring costs announced today are forecast to be approximately $150 - $200 million pre-tax or $0.15 to $0.20 per share and are a reduction to the previous guidance.

The Company will provide detailed financial information at its annual results presentation on 21 August.

http://www.bluescopesteel.com

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