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BlueScope result provides hope for future

Release Date: 26/08/2016

BlueScope highlights sales growth, lowers costs and the benefits of the North Star Acquisition in announcing the year to June 2016 net profit of $353.8 million. The announcement is an important one for region following significant employment cuts in recent years.

Illawarra Business Chamber Executive Director, Chris Lamont, said the result will hopefully help underpin the future of BlueScope and related employment in the region.

“BlueScope is major and important business in the region employing around 3,500 people at Port Kembla. Estimates suggest more than 10,000 extra jobs in the Illawarra are directly dependent on the steelworks, through contractors, suppliers and other service providers,” said Chris Lamont.

Today’s announcement identified an increase in sales revenue of 7 per cent, a weaker Australian dollar as well as lower costs for the turnaround in profit.

“There has been effective collaboration between union leaders, management and government and today’s announcement indicates that with goodwill and cooperation the industry has a positive future in the region,” said Chris Lamont.

Importantly BlueScope reported stronger performances across all key divisions.

“This is an industry and a company that makes a major contribution to the region in terms of employment and nation building. Regrettably there has been significant job losses in recent years at Port Kembla, however, it would be great to build on the performance of the last twelve months and see greater employment security for the regions steel industry,” said Chris Lamont.

Media Contact: Isabelle Henderson (02) 4223 0308

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