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BlueScope Steel $1 Billion Cash Call


BlueScope Steel, Australia’s largest steelmaker, is looking to raise up to $1 billion as it battles tough market conditions. The steeply discounted share sale, its second in five months, would be used to refinance $1.5 billion debt and give it two years’ breathing room on repayment deadlines. The shares are being sold at $1.15 a share, a 40 percent discount to its last traded price and half the price at which it offered shares last December. Trading has been halted pending the completion of the raising. The company also announced it would not pay a final dividend to bolster its balance sheet and maintain flexibility in the current market conditions. The mining industry has been hit hard by the global financial downturn as demand for building materials and steel for automakers dries up. Miners have cut output, laid off staff and looked to foreign tie-ups, most notably recently with Chinese companies, to help cut their debt and in some cases save them from insolvency.

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3 Responses to "BlueScope Steel $1 Billion Cash Call"

  1. bmsk1 says:
    ha ha dont be mad twan; but i hope they go broke. espeicially the buildings division…
  2. th9477 says:
    @bmsk1 suck a cock
  3. bmsk1 says:
    hope they fail

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