BlueScope Steel Announces Major Business Update

SEATTLE (Scrap Monster): BlueScope Steel Limited- the Australian headquartered flat steel producer announced business update for FY 2020, suggesting strong operational performance by the company amidst challenging conditions caused primarily by the Covid-19 pandemic.

According to the company, the unaudited earnings before interest and tax (EBIT) for the full fiscal year are likely to be around $560 million. The June-half is expected to contribute approximately $260 million. The balance sheet is expected to report net cash of $100 million, the press release said.

The company stated that a strategic review of its New Zealand operations is in progress. It is currently monitoring recent developments in other parts of the country’s domestic industrial base, which in turn will aid in re-evaluation of the business footprint and its financial viability to operate in the challenging environment. An update will be provided along with the full year results in August.

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Mark Vassella, CEO and Managing Director expressed confidence that the company will continue to meet the challenges of this unprecedented period, aided by its strong balance sheet, high quality asset portfolio and proven team. The company is well-positioned to contribute in a post-Covid-19 economic recovery, he added.