Steelmaker BlueScope has hosed down speculation it is closing its Port Kembla plant in NSW, but says it is continually reviewing its operations.
The company outlined tough conditions in the steel sector, but said there was no decision to close Port Kembla.
"The global steel sector is continuing to change and we must adapt with it," Bluescope said in a statement on Wednesday.
"Our costs of manufacturing steel are too high and we are seeking a game-changing approach that will significantly reduce costs."
Bluescope said those issues were being discussed as part of the current workplace agreement negotiations at Port Kembla.
"BlueScope must maintain an internationally competitive steelmaking business that will support reinvestment," the company says.
On Wednesday, the local paper, The Illawarra Mercury reported that Bluescope may close Port Kembla if major savings aren't found.
Up to 1,000 jobs were at risk, the newspaper said.
Bluescope's shares finished Wednesday 10 cents higher at $3.11.
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