It has been dark days for the manufacturing industry, especially for its workers, however news that top executives at BlueScope Steel have pocketed millions in bonuses as the company lays-off more than 1000 workers is like squeezing lemon over an open wound.
BlueScope Steel’s top executives has been hit with criticism for taking millions in bonuses as the company shuts down production at its Port Kembla and Western Port operations, sacking more than1000 workers.
According to the company’s latest remuneration report, Chief executive Paul O’Malley received a $721,000 bonus on top of his $2m salary, while total executive bonuses came in a $3.05m.
The report follows the steel giant’s announcement it will cut 1000 jobs following a structural review which revealed that the company is at a full-year loss of more than $1bn.
The bonuses have caused outraged among manufacturing workers and the unions that represent them.
Australian Workers Union (AWU) national secretary Paul Howes told the APP that the decision to award executives bonuses while more than 1000 of its workers will be left jobless was “unbelievable”.
‘‘Manufacturing is facing the worst crisis since the Great Depression and BlueScope’s response is to further line the pockets of their paper-pushing executives who already earn a mint,” Howes said in the report.
‘‘In fact, BlueScope is now paying even more in executive bonuses than it did in 2010.”
How BlueScope’s management, heading a company which suffered a loss of over a billion-dollars could even be awarded bonuses has the politicians and as well as the public mystified.
Australia’s largest steel maker responded saying O’Malley received no bonus as a result of its latest financial results.
To read the APP report, click here.