BlueScope Steel posts 24 percent rise in profit

Australian steelmaker BlueScope Steel Ltd. disclosed on February 26 that its first-half profits rose 24 percent, and that it expects full-year earnings to exceed those of last year. BlueScope Steel Ltd said stronger volumes and higher prices combined with unprecedented global demand for steel products pushed net profits for the six months to December to A$388 million ($308 million) from A$312 million ($247 million) a year earlier. BlueScope chief executive Kirby Adams said all business segments were profitable in the latest half and that revenues in the first half rose 16 percent to a record A$4.528 billion ($3.6 billion). "The key factors for the earnings improvement were higher sales volumes and higher steel prices internationally" Adams said.