Arrium idiots chase dirt not steel

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Even in bailouts Australian manufacturing takes a back seat to dirt. On Arrium, from The Australian:

Administrators of embattled steelmaker and miner Arrium (ARI) are trying to secure a 17 per cent pay cut from Whyalla workers and lift iron ore exports by up to 3 million tonnes a year in order to bolster a formal sales process for the whole Australian business due to start in two weeks.

Administrators KordaMentha yesterday started enterprise agreements talks with the Australian Workers’ Union in an effort to shave $25m to $30m from the annual wages bill at Whyalla’s steelworks and mines.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.