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Tech & Science BlueScope slows work to expand US mill

07:45  07 april  2020
07:45  07 april  2020 Source:   msn.com

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US energy prices just one-third of those in Australia, along with a robust manufacturing sector stoked by President Donald Trump's policies, have prompted a billion expansion of an Ohio steel mill by BlueScope . BlueScope chief executive Mr Vassella said the billion expansion of the North Star

A $ US 50 million ( million ) design and engineering study is being completed on North Star as it nears the final stages. " We 've got to tick all the boxes to ensure there's no nasty surprises here," Mr Vassella said. He said BlueScope would not embark on this final stage in the feasibility review if it

The Port Kembla Steelworks the home of Bluescope Steel and Colourbond in Wollongong, Monday, March 12, 2018. The Australian Government has secured an exemption from the recently announced U.S tariffs imposed on steel and aluminium recently announced by President Donald Trump. (AAP Image/Dean Lewins) NO ARCHIVING © AAP Image/Dean Lewins The Port Kembla Steelworks the home of Bluescope Steel and Colourbond in Wollongong, Monday, March 12, 2018. The Australian Government has secured an exemption from the recently announced U.S tariffs imposed on steel and aluminium recently announced by President Donald Trump. (AAP Image/Dean Lewins) NO ARCHIVING

BlueScope Steel is rescheduling building work on the $1 billion expansion of its North Star steel mill in the US amid the economic fallout of the coronavirus.

The steelmaker told the share market on Tuesday that construction and installation work was being rescheduled for the next six months to reduce costs.

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BlueScope Steel called on the Australian Workers Union (AWU) this week to help the company impose major restructuring, including the destruction of 500 jobs and at least 0 million in annual operating cost savings, at its Port Kembla plant in the Illawarra region of New South Wales (NSW).

The Australian operator took full ownership of the North Star business in 2015. The mill expansion will increase capacity by about 40 per cent.

The rescheduling of work is one of four measures BlueScope is taking to shore up its finances against the global economic downturn.

Its also cancelled its on-market share buyback program.

BlueScope has bought $34.4 million of shares since February 24 as part of extending the buyback of up to $100 million during the second half of the financial year.

BlueScope has reduced non-essential capital spending.

Capital spending for its second half was expected to be about $200 million, BlueScope said, $40 million lower than advised in February.

The company has also stopped non-essential spending.

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If an expansion proves feasible, BlueScope would add a third electric arc furnace and a second slab caster to the plant. BlueScope said it plans to make a decision before December. An expansion would almost certainly add more workers and boost the facility’s annual revenues.

About us . Who We Are. Our Story. Vision, Mission and Values. Tata BlueScope steel has recently worked for a project called Manav Shrishti Sansthan Parisar which is an educational institution at Solan Tata BlueScope Steel PEB Solutions for Boeing – TATA Aerospace Facility in Hyderabad.

BlueScope shares were trading lower by 52 cents, or 5.02 per cent, to $9.84 at 1342 AEST.

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© Christophe Ena At Tenon hospital, in Paris, March 26. Christian Lehmann is a writer and doctor in the Yvelines. For "Liberation", he writes the daily chronicle of a society under a bell at the time of the coronavirus Each day, since the beginning of the epidemic, the caregivers exchange information, tips, confront clinical cases, share their hopes, their fears. Among them, some develop a reflection that goes beyond the description of an exhausting daily life to ask deeper questions.

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