Australian steelmaker BlueScope Steel Ltd has released its financial results for FY 2008.
During the period in question, BlueScope's net profit after tax registered a drop of 13 percent year on year to AU$596 million (US$521 million), while its full year underlying profit increased by 27 percent year on year to AU$816 million (US$714 million), lifted by strong global demand and higher global steel prices offsetting rising raw material costs.
Commenting on the underlying business performance during FY 2008, BlueScope's managing director and CEO Paul O'Malley said, "A better than expected performance from the acquisitions made during FY 2008, namely Smorgon Steel's distribution business and IMSA Steel Corp. North America, also contributed positively to the result."
"Performance was further boosted by sales growth in the coated and building products businesses across all regions in Asia and North America. However, these were partly offset by reduced spread for North Star BlueScope Steel and a strengthening Australian dollar."
In addition, Mr. O'Malley predicted a strong first half for the company's current financial year, mainly driven by continued strong global steel demand and prices.