The company said that the decision to cease manufacturing came as part of its review of its Australian steel business product portfolio and facilities footprint announced at its annual general meeting last November.
It is expected that restructuring costs will be substantially funded through the realisation of working capital. OneSteel intends to sell the Oil and Gas Pipe plant, equipment and related land, which may reduce the net loss on closure and, subject to the level of value realised, result in a net cash inflow from closure.
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