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BlueScope, Virgin Blue Drop in Sydney on Carbon Tax Plan

BlueScope Steel Ltd., Macarthur Coal Ltd. and Virgin Blue Holdings Ltd. tumbled in Sydney trading on concern they’ll be among the hardest hit by Australia’s first levy on greenhouse-gas emissions.

Coal mining companies and steelmakers led declines after Prime Minister Julia Gillard said yesterday polluters in Australia, which is reliant on coal to generate 80 percent of its electricity, will pay A$23 ($24.74) per metric ton of carbon emissions. Virgin Blue slumped as the plan will more than double aviation fuel excise.