BlueScope misses expectations

Australia‘s biggest steelmaker, BlueScope Steel, has missed consensus analyst expectations for revenue and reported a bigger loss than predicted in the financial year ended June 30.

But the company did not declare a dividend, in line with consensus expectations. "The board is pleased with the company’s continued turnaround and progress on growth initiatives," BlueScope chairman Graham Kraehe said. "We have actively invested to lower our cost base, to better serve customers and to grow our iron sands exports.

In the previous financial year, BlueScope Steel posted a net loss of $84 million, which was a $960 million turnaround in financial performance compared to the financial year ended June 2012.

In the critical Australian coated and industrial products business underlying full-year earnings jumped 216 per cent to $65. 4 million, boosted by higher domestic sales volumes and lower loss-making exports.

Read more here: SMH


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