Australian steelmaker BlueScope Steel has posted a net profit of A$598.9 million ($412.25 million) for the first half of the financial year 2022-23 ended on December 31, compared to a net profit of A$1.64 billion in the first half of the previous financial year. The company attributed the decrease in its net profit to the lower underlying EBIT. The company’s sales revenues in the given period decreased by one percent year on year to A$9.32 billion ($6.41 billion), due to lower global steel prices.
Meanwhile, BlueScope’s underlying EBIT in the given year was A$1.17 billion ($806.69 million), compared to A$1.46 billion in the first half of the 2021-22 financial year, due to softer steel spreads, lower volumes, and higher costs.
The company stated that it is continuing its feasibility study into the comprehensive relining and upgrading of blast furnace No. 6 at Port Kembla Steelworks.
The company expects underlying EBIT to be in the range of A$480-550 million in the second half of the financial year 2022-23. Expectations are subject to foreign exchange and market conditions.
