Jobs to go as Glenbrook earnings slump

The Glenbrook steel mill's earnings have slumped from a bumper year last year and its Australian owner is cutting jobs.

BlueScope, Australia's largest steel-maker, yesterday reported a A$338 million ($405 million) net profit for 2005-06, down from a record A$982 million last year.

It plans to cut 250 management and staff positions in Australia and New Zealand but a spokesman said most of the cuts would be in Australia.

The company employs 1200 people at the Glenbrook mill south of Auckland.

Earnings before interest, tax and amortisation in the company's New Zealand and Pacific unit fell 44 per cent to A$105 million from A$189 million last year on a 5 per cent decline in revenue to A$709 million.