BSL bluescope steel limited

News: Bluescope posts dramatic loss

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    Bluescope Steel Limited (ASX:BSL) has reported a net loss of $1.054 billion dollars for the full year to June 30, after recording a profit of $126 million the previous year.



    The company today announced a major restructure of its operations, including 1000 job cuts and the closure of three blast furnaces.



    Managing director Paul O'Malley says the changes would deliver a material improvement in earnings and cashflow, reduce export losses, and reduce earnings volatility.



    In light of the results, the company has decided not to pay a final dividend for the year to June 30, 2011.

 
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