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BlueScope Steel Limited (ASX:BSL) says its debt reduction initiatives are on track and has no plans for an equity raising.
The steel maker announced restructuring plans after it booked huge losses in its first half profits.
The sale of its North-America based Metlspan business is expected to generate $117 million in proceeds and will be completed by the end of the month.
Bluescope’s restructuring costs in the second half of its 2012 financial year will achieve the lower end of between $120 to $140 million.
BlueScope Steel booked a net loss of $524 million in the first half of the 2012 financial year.
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