BlueScope Steel Limited
(ASX:BSL) has reached an agreement with unions and employees at Port Kembla in NSW, in a new three-year enterprise agreement.
BlueScope Steel employees voted to accept a three-year wage freeze and new streamlined provisions for the introduction of workplace restructures, including the loss of hundreds of jobs.
Managing Director and CEO Paul O’Malley said the agreement is a major step towards achieving the $200 million cost reduction target.
The steel producer expects to announce a more detailed update on the company’s progress in delivering those savings by the time of the AGM in November.
Bluescope Steel reported a net profit of $177.1 million for FY15.
