Blue Scope Steel Full Year Results

Steel manufacturer, Bluescope Steel (ASX:BSL) have announced news of a deal struck between BSL and Nippon Steel.

• Blue Scope Steel has announced a new joint venture with Japanese company, Nippon Steel Corporation. The deal will give the company access to white goods manufacturing in South-East Asia.
• The two companies will form a new company called "NS BlueScope Coated Products"
• The deal will bear no gain or loss in the income statement and will be seen as equity.
• Year end net debt is $384 million.
• BSL has reported that it has lost a record $1 billion on the restructure of operations at Port Kembla and Westernport
• Bluescope CEO, Paul O'Malley announced that he will institute a pay freeze and forgo his bonus and long-term financial incentives. The announcement follows after other fellow chief executives: Marius Kloppers from BHP Billiton and Rio Tinto's Tom Albanese waived their bonuses.
• BSL stocks soared 35.62% higher on Monday after the news of the deal with Nippon Steel. From last Friday's close of 0.26 cents, the company stock prices closed at 35 cents per share on Monday.
• BSL stocks have crashed from $11 in 2008 to a low of 24.5 cents last month.