BlueScope Steel revises profit forecast
Australian steelmaker BlueScope Steel Ltd. reduced its full year profit forecast approximately 35 percent due to the steel glut in
China.
BlueScope Steel said global oversupply, largely driven by the unbridled increase in steel
production in
China, has led to a larger than expected declines in export markets for
slab and hot rolled coil and some commodity
coated steels.
BlueScope Steel's third quarter pricing and export bookings, which are now finalized, indicate prices have fallen 15-20 percent.