BlueScope to sell $600m in new shares

BlueScope Steel is hoping to raise $600 million by issuing new shares at a 34 per cent discount to repay debt.The company will the shares at 40 cents, around a one third discount on yesterday’s closing price.The money will be used to repay the company’s debts.At an annual general meeting last Thursday, the company warned it expected to report a "significant" loss for the first half of this financial year after more than $400 million in restructuring costs were counted.Shareholders responded to the poor financial results by registering a large vote against the payment of $3 million in bonuses to directors and executives.