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Australian steelmaker to concentrate on domestic market

Published by Steve Coleman on August 22, 2011

The steel industry has one less player at the international level after Australia's Bluescope Steel announced plans to lay off 1,000 and get out of the export business.

In return for giving up the international stage, the steelmaker will get a $100 million investment from Australia's carbon-tax adjustment fund. However, the company says the layoffs aren't attributable to the country's plans to introduce a carbon tax.

Bluescope cited a glut of steel on the international market, along with higher raw material prices, a high Australian dollar and weak domestic demand for the decision to concentrate on steel production for the state of New South Wales.

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