Bluescope share price overcomes sluggish results
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More news: Bluescope shares were up 3.84% to $21.34 at 3:15pm AEST, as plans to upgrade a blast furnace at the Port Kembla Steelworks eclipsed a 64% profit slump.
Bluescope profit drops amid volatile market
The news: Australia’s biggest steelmaker Bluescope has given a nod for capital expenditure at its main steelworks after posting a sharp drop in full-year net profit.
The numbers: Net profit for the year to 30 June fell to $1.01 billion, a 64% slump from last year’s record profit fuelled by extraordinary steel prices. Revenue fell 4% to $18.2 billion, and the company will pay a 25 cents a share final dividend, similar to last year.
The context: The results were in line with expectations as Bluescope’s export prices decline and costs rise amid a volatile macroeconomic environment. CEO Mark Vassella said the results demonstrated the resilient performance of the business model, and the company on Monday greenlighted a $1.15 billion upgrade of a blast furnace at its Port Kembla steelworks to extend its life.
The source: ASX announcement
