AAP General News (Australia)
08-22-2011
Main stories in ABC's World Today
SYDNEY, Aug 22 AAP - Main stories in ABC's World Today:
* BlueScope Steel has announced an "unprecedented" restructure of its Australian operations,
resulting in the loss of more than 1000 jobs. The biggest changes include the shutting
down of a blast furnace at Port Kembla in NSW and the Western Port hot strip mill in Victoria.
* BlueScope Steel shares plunged by as much as 10 per cent on the back of the unexpected
billion dollar loss announced by the company. Some economists say such job cuts raises
questions about whether industry, specifically Australian export manufacturers, can survive
the mining boom.
* The federal government has responded to the news by giving BlueScope access to funds
to help "soften the blow" on workers and the community. The assistance package includes
$30 million to support new manufacturing and jobs in the two affected regions.
AAP ra/tr
KEYWORD: MONITOR WORLD TODAY
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