FED:BlueScope can draw on steel package:PM

AAP General News (Australia)
08-22-2011
FED:BlueScope can draw on steel package:PM

The federal government will allow BlueScope Steel to draw on funds under its carbon
tax compensation package early, after the company said it would cut 1000 jobs in New South
Wales and Victoria.

The steel manufacturer has confirmed the closure of two production facilities and jobs
losses as part of a plan to return the company to profitability after BlueScope reported
a one billion dollar full year loss.

Prime Minister JULIA GILLARD says the government will introduce a new advance facility
to bring forward up to 100 million dollars of payments allocated to its Steel Transformation
Plan to support jobs and to ensure the future of the steel industry in Australia.

In a statement issued today, the PM says the provision has been made after a number
of commitments were given by BlueScope to the government in relation to its restructure.

AAP RTV cb/klm/sw/

KEYWORD: BLUESCOPE GILLARD (CANBERRA)

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