BlueScope Steel

Australia's largest steelmaker, Bluescope Steel (ASX:BSL) have announced its interim first half results to sharemarket traders and investors.

• Bluescope Steel Net Loss of $12 million. Down from a net loss of $530 million in the previous corresponding period.
• Revenue was $3.7 billion, down from $4.45 billion in the previous corresponding period.

Steel manufacturer, Bluescope Steel (ASX:BSL) have announced news of a deal struck between BSL and Nippon Steel.

• Blue Scope Steel has announced a new joint venture with Japanese company, Nippon Steel Corporation. The deal will give the company access to white goods manufacturing in South-East Asia.
• The two companies will form a new company called "NS BlueScope Coated Products"

Shares in BlueScope Steel (BLS) face a trading halt as its recent capital raising falls short. The steelmaker company failed to sell some of the new shares it issued in its last capital raising.

Steel making giant BlueScope Steel (BSL) has applied for $100 million assistance from the Federal Government's Steel Transformation Plan (STP) after shares dropped down to 42.5 cents last Friday. The steel maker said it applied for money from the government's STP, which became available last Friday.

Australian steelmaker Bluescope Steel (BSL) has announced to raise $600 million capital in order to pay its existing debt.

The steelmaker recently announced that their debts climbed to a high of $1.56 billion by October 31 from $1.068 billion last June 30.

A fully underwritten four-for-five rights issue is used to raise the target capital, giving its shares a price of 40 cents per share, a 34 per cent discount to yesterday's 61 cents per share.

Mining giant BHP Billiton (ASX:BHP) will fill its workforce shortage at its coal and iron ore operations by aiming to assimilate BlueScope Steel's (ASX:BSL) 1400 soon to be retrenched workers.

BlueScope Steel's (ASX:BSL) is letting go of 1000 jobs with the shutdown of its Western Port hot strip mill at Victoria and a blast furnace at Port Kembla.

800 jobs are expected to be lost in NSW and 200 in Victoria, overall 1000 jobs from a workforce numbering 9000 with additional contractor job losses.

Hundreds of jobs are predicted to be lost when BlueScope Steel (BSL) announces its financial results next week, according to the Australian Worker's Union (AWU).

BlueScope Steel posted a $900 million write-down of assets last week and is expected to report another $100 million loss on top of that next Monday. Analysts said the miner will probably stop its money-losing export business and cut back on production.

After OneSteel Limited (ASX:OST) slashed second-half profit guidance by a quarter because of bad weather and the rise in the dollar, BlueScope Steel (BSL) could follow the downgrade as its shares fell to a record low yesterday.