Bluescope Steel Limited
(ASX:BSL) has reported a net loss of $1.054 billion dollars for the full year to June 30, after recording a profit of $126 million the previous year.
The company today announced a major restructure of its operations, including 1000 job cuts and the closure of three blast furnaces.
Managing director Paul O'Malley says the changes would deliver a material improvement in earnings and cashflow, reduce export losses, and reduce earnings volatility.
In light of the results, the company has decided not to pay a final dividend for the year to June 30, 2011.
