By Madelene Pearson
May 27 (Bloomberg) -- BlueScope Steel Ltd., Australia’s largest steelmaker, confirmed it will defer the planned restart of the No. 5 blast furnace at its Port Kembla works until market conditions improve.
A decision to restart the furnace won’t be made before Aug. 17 when the company is scheduled to announce its full-year results, Melbourne-based BlueScope said today in a statement to the Australian stock exchange. It will take four to six weeks to reach normal operations once the furnace is restarted, it said.
“The restart will be deferred until market conditions improve,” BlueScope said in the statement. “In the meantime, the company will complete the last stages of the project, apart from the commissioning.”
BlueScope fell 0.9 percent to close at A$2.10 in Sydney trading yesterday.
To contact the reporter on this story: Madelene Pearson in Melbourne on mpearson1@bloomberg.net
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