BlueScope Steel also announced the appointment of Charlie Elias as Chief Financial Officer.

Rio Tinto chief executive Tom Albanese is visiting Australia where he will meet investors over the next two days. Rio has continued to fend off advances from BHP Billiton.

Rio Tinto has already knocked back a merger proposal of three BHP Billiton shares for one Rio Tinto share, which is valued at about $128 billion (or A$144.12 billion). Albanese has been engaging United Kingdom, Australia and the United States to gather support for its growth plan and stay independent.

On Monday night, Rio Tinto laid out aggressive plan to expand its iron ore operations, develop new copper and nickel mines, and increase dividend and assets sales.

Yesterday, BHP Billiton chief executive Marius Kloppers said he had met about half of both companies'' shareholders on the company''s recent investor road show and was encouraged by investors responses.

A merger between the two companies would create a world dominant player in coal, iron ore, copper, aluminum, with annual earnings of $30 billion (or A$33.78 billion).

The Australian dollar closed higher today and closed at 88 America cents during the local trading, as stronger U.S. financial markets boosted risk appetite. At the close, the Australian dollar was trading at 0.8828/34, up from yesterday''s close of 0.8757/62.

Of the ASX 200 index shares, Hills Industries led the gainers with a rise of 7.5% followed by increases in Straits Resources Limited of 7.1%, in Perilya and Macquarie Infrastructure of 6.8%, and in Spotless Group of 6%.

Of the ASX 200 index stocks SP Ausnet led the decliners with a fall of 3.3% followed by losses in Transfield Services of 3.5%, Tishman Speyer by 3.7%, in Murchison Metals by 4.7%, and 8.3% in AED Oil Limited.

Among other active stocks, BHP Billiton was up 1.7% while its takeover target Rio Tinto gained 3.2%. In the banking sector National Australia Bank was down 0.8% and Westpac lost 0.1%.

Energy stocks were mostly higher despite crude oil futures shedding 4% overnight, Santos added 1.8%, Oil Search gained 0.7%, and Woodside Petroleum declined 1%.

The retail sector closed stronger, Woolworths added 2.8%, Wesfarmers was up 0.2% and Harvey Norman gained 3.3%. Shares in luxury retailer David Jones were 1.2% stronger after the retailer pointed to a favorable profit outlook.

In other headlines today, Qantas closed down 1.4% after the news that New Zealand''s competition watchdog was investigating carriers including Qantas over allegations of price-fixing air cargo fuel surcharges.

The media sector closed stronger, News Corporation surged 2.3% or 67 cents to $23.39, Fairfax added 0.6% and Publishing and Broadcasting increased 2.9%.