Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Monday, 24 August 2015

Port Kembla

Potentially huge news - and dreadful news for the NSW south coast - reports The Australian:

"BlueScope Steel says 5000 direct and indirect jobs are at risk as it considers shutting down its Port Kembla steelworks, with $200 million in cost savings needed to be found in a three-month review.
Despite profit growth from the steel business over the full year, BlueScope managing director Paul O’Malley said the steelworks is unable to compete with a growing oversupply of steel from China without the savings, which he says will probably require government assistance to achieve.
He also said BlueScope, which closed down one of its two Port Kembla blast furnaces in 2012 with 1000 job losses to abandon exports, is being hit by weak domestic demand and needed to export more, which it was not set up to do competitively."