The outlook for Australa's steel industry has been under a cloud for decades but especially bleak in recent years.
But now time has run out for BlueScope Steel with factors such as the high Australian dollar squeezing the life out of profit margins.
Bluescope shares have plunged ten percent at one point after the announcement which coincided with a worse than expected billion dollar profit loss.
But putting that initial investor reaction to one side, economists are asking how Australian manufacturing can survive in a cut throat world.
Here's my coverage from The World Today.
There's also an longer interview with the chief executive of the Australian Industry Group, Heather Ridout broadcast earlier on AM.