BlueScope posts record annual financial results

BlueScope posts record annual financial results

Australian steel producer BlueScope Steel has recently posted financial results of full-year ended on June 30, 2004. Accordingly, net profit after tax has been recorded as A$584 million ($421 million), up by 29% compared to A$452 million recorded in the previous financial year. Sales of the company increased to A$5.7 billion ($4.1 billion), up by 9% from A$5.3 billion recorded in the previous fiscal year. The improved results are attributed to higher steel prices, strong demand for products of BlueScope, record production of slab and hot rolled coil in Port Kembala Works and higher earnings from North Star BlueScope Steel. The company officials stated that in fiscal 2005, the company will increase research and technology spending to A$40 million ($28 million).