BlueScope Steel $12m Net Loss 1H

Submitted by Share Trading on 19 February, 2013 - 08:07

Australia's largest steelmaker, Bluescope Steel (ASX:BSL) have announced its interim first half results to sharemarket traders and investors.

  • Bluescope Steel Net Loss of $12 million. Down from a net loss of $530 million in the previous corresponding period.
  • Revenue was $3.7 billion, down from $4.45 billion in the previous corresponding period.
  • BlueScope underlying net profit, excluding one-off charges, was $10 million, up from a loss of $136 million in the first half of 2012.
  • BlueScope managing director Paul O'Malley said, "The result was encouraging and notwithstanding difficult trading conditions in Australia, the Coated & Industrial Products Australia segment delivered a positive result of $79 million in underlying EBITDA."
  • Last week, the company announced it would cut 170 jobs at its Western Port facility.
  • In August, Bluescope agreed to sell half of its coated-steel operations in Southeast Asia and North America to Nippon Steel & Sumitomo Metal Corp. to pay debt.
  • Bluescope will launch its new generation zincalum product mid-year 2013. The product had a 20-year research and development program which would contribute to the company's coated sheet products division bottom line. BSL is investing $60 million to alter production lines so it can begin manufacturing the new product.
  • Bluescope Steel declared no dividend.

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