BlueScope Increases Earnings Guidance for H2 of FY2022

Australia’s leading steel maker BlueScope announced that it now expects underlying Earnings Before Interest & Tax, EBIT, for H2 of FY2022 to be in the range of AUD 1.375-1.475 billion, above the prior guidance range of AUD 1.2-1.35 billion, and is subject to spread, foreign exchange and market conditions. BlueScope said “The stronger outlook is driven by improved earnings expectations for North Star and the North America coated business due to better than expected realized steel prices and spreads in the United States. Expectations for BlueScope's other businesses remain broadly consistent with outlook comments provided in February. Australian Steel Products has seen softer than expected domestic dispatch levels, due to a range of supply chain disruptions including recent East Coast flood events, rail outages and pandemic-related impacts. This has been offset by stronger realized steel spreads combined with better than expected contributions from the downstream businesses. With the ongoing strength in raw material prices combined with continued supply chain disruptions, BlueScope expects net working capital employed to remain elevated during the current half.”BlueScope Managing Director & CEO Mr Mark Vassella said “Throughout recent macroeconomic and geopolitical volatility, BlueScope has continued to demonstrate strength and resilience in its business performance. In the current strong demand environment, the entire BlueScope team is working as hard as they can to improve our service levels, which have been impacted by supply chain and pandemic-related disruptions.”

BlueScope Increases Earnings Guidance for H2 of FY2022

Related Stories