Bailout for Bluescope as 1000 jobs axed

The Government today rushed to provide a $100 million advance to BlueScope Steel as it sacked workers and began the shutdown of Australia's steel export industry.

Shares in the steel maker plunged almost 10 per cent to their lowest ever after the company reported a more than $1 billion loss.

The retrenchment of 1000 steel workers in Pt Kembla in NSW and on Victoria's Mornington Peninsular was confirmed by BlueScope this morning.

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