The Wire

Australia’s manufacturing industry today had a rare win. BlueScope Australia announced that the Port Kembla steelworks will remain open and the company is expecting a 40% growth in the next year. This surprising result is due to cost reductions thanks to a deal srtuck between unions, increasing local demand and the weaker Australian dollar. But it’s not all good news. While 5000 jobs are saved, 500 jobs will go and the future of the Australian steel industry is uncertain.