It is reported that tumbling commodity prices rolled even closer to home this week when Victoria's Steel Pacific slashed its workforce of 100 in half to deal with crumbing markets in the US.

The announcement by Steel Pacific president Mr Barry Waters to cut 50 jobs at yards up and down the Island arrived as Myra Falls shut its zinc mine in Campbell River, sidelining more than 250 workers, and with the forest industry reeling from more than 5,000 lost jobs since the start of the year.

Also in the last week, Mr Kory Gronnestad, president of Scansa Construction Limited laid off 50 concrete workers and equipment operators after Quigg Developments shelved its USD 1.4 billion Capella condominium project and much of the work wrapped up on the resort's second golf course.