BlueScope chief executive Mark Vassella has announced his retirement, and will hand over the reins to the current CEO of the company's Australian steel products business Tania Archibald next year.

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Mr Vassella, who first joined the multi-billion dollar company in 2007 and served eight years as chief, said the time was right for his retirement.

"This is the right time to hand over, and the Board has appointed an outstanding successor," he said.

He leaves the company at a time of transformation, with negotiations over the ownership of the Whyall

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