BlueScope posts 66 percent decline in profit

Australian steel giant BlueScope Steel Limited said Monday that its annual net profit fell 66 percent due to the rising cost of raw materials. The result for the year through June 2006 fell from A$982 million a year ago ($746 million) to A$338 million ($257 million). BlueScope said that the soaring costs of inputs like iron ore and coking coal, and the weak global prices for steel products caused 2005-06 result to fall.