Thursday, June 28, 2012

BlueScope has customs investigating!

BlueScope complaint gets ACTION

Is this action needed? It not only ties up valuable resources by customs (Tax payer funded) but we won't know an answer for 6 months - Yes - maybe a year - and then what - return the coils????

The article below is from Reuters reported world wide yet somehow missed the local press in Australia?

Mr. Mark Vasella who took over from Mr. Noel Cornish last year as CEO, The Chief Executive of Bluescope's Port Kembla had the following to say:

Mr. Mark Vasella
"supports free and fair trade and is concerned at the level of unfair competition"
Mr. Mark Vasella was President of Bluescope North America before taking up the CEO position of The Chief Executive of Bluescope's Port Kembla and now according to the article below he is now the CEO of Australia and New Zealand????.

BlueScope needs a CEO purge of its management - there seems an endless rotation of people to higher and more numerous highly paid positions - see the earlier report of CEO MADNESS! I think BlueScope has the Fairfax virus!

Now - here's the article regarding customs involvement!

Australian Customs starts investigation into alleged dumping of HRC




Reuters reported that Australian Customs has launched an investigation into alleged dumping of steel hot rolled coil from four Asian countries, following a complaint by BlueScope Steel.

BlueScope said that the investigation will cover steel hot rolled coil, a flat steel product mainly used in white goods and cars manufacturing, from Japan, Malaysia, South Korea and Taiwan.

Mr Mark Vassella CEO for Australia and New Zealand said that "BlueScope Steel supports free and fair trade and is concerned at the level of unfair competition in the Australian steel market."

Some executives have said that a darkening outlook for the world economy has led to overcapacity in the steel industry, unleashing sales below production cost from Texas to Thailand.

This is increasing the likelihood of ant-i dumping lawsuits being filed by steelmakers across the globe.

BlueScope estimated the dumped goods have caused material injury of about AUD 50 million and said it could take up to six months before customs make a determination on the case.

And now click on caption below the picture:

Here's a bit of outrage from the local scene!
Is it all good for manufacturing in Australia?

4 comments:

  1. Waste of taxpaer money

    ReplyDelete
  2. Great SP today CEO's of BlueScope?

    ReplyDelete
  3. Capral had similar issues with foreign countries dumping aluminum on the market below cost if memory serves me.

    ReplyDelete
    Replies
    1. Capral has followed BlueScope in the following:
      1. Share price drop
      2. Job losses large.
      3. Anti Dumping cases
      4. Big corporate management team
      5. Shareholder unrest

      Maybe there could be other things at fault with these two parallel companies?

      Delete