September 07, 2008

BlueScope forecasts surge in profit in second half of 2008

Australia's largest steelmaker BlueScope Steel Ltd announced that its second half profit may increase by 83% because continued demand is driving global price gains.

It said that unaudited underlying profit for the six months ended June 30th may rise to AUD 474 million from AUD 259 million in January to June 2007.

Mr Paul O'Malley MD of BlueScope said that “He expects a good start' to next year's full year profit assuming prices hold their gains. The expected earnings improvement is largely due to continued strong demand and higher global steel prices.”

He added that “Unaudited underlying profit for the third quarter is AUD 169 million and it is expected to be around AUD 305 million in the fourth quarter.”