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BlueScope Steel is rescheduling building work on the $1 billion expansion of its North Star steel mill in the US amid the economic fallout of the coronavirus.

The steel maker told the share market on Tuesday that construction and installation work were being rescheduled for the next six months to reduce costs.

The Australian operator took full ownership of the North Star business in 2015. The mill expansion will increase capacity by about 40 per cent.

The rescheduling of work is one of four measures BlueScope is taking to shore up its finances against the global economic downturn.

Its also cancelled its on-market share buyback program.

BlueScope has bought $34.4 million of shares since February 24 as part of extending the buyback of up to $100 million during the second half of the financial year.

BlueScope has reduced non-essential capital spending.

Capital spending for its second half was expected to be about $200 million, BlueScope said, $40 million lower than advised in February.

The company has also stopped non-essential spending.

BlueScope shares were trading lower by 52 cents, or 5.02 per cent, to $9.84 at 1342 AEST.