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BlueScope Steel Limited (ASX:BSL) says it will slash about 170 jobs and lower production levels at its Western Port steel facility in Victoria, as part of its strategy to remain a cost effective producer.
The steel maker says the cost to implement the change is expected to be about $17 million which will be recovered within one year as its cost base improves.
BlueScope has cut more than 1000 jobs after the company’s latest annual results were impacted by impairment charges, restructuring costs and the high Australian dollar.
Bluescope Steel booked a net loss of $1.03 billion in the 2012 financial year.
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