BlueScope warns 5,000 jobs at risk

Monday 24 August 2015

BlueScope Steel has warned that 5,000 direct and indirect jobs are at risk as it contemplates shutting down its Port Kembla steelworks, with the company targeting savings of $200 million a year:

“Indicative Asian hot rolled coil steel spreads are now below $US200 per tonne, down from an average of around $US295 per tonne over the five years to 30 June 2014,” [CEO Paul O’Malley] said.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.