Australian steelmaker BlueScope Steel has posted a net loss of AU$530 million in the first half ended December 31 of FY 2011-12, compared to a net loss of AU$55 million in the corresponding half of the previous financial year.
When the same periods are compared, BlueScope's sales revenues decreased two percent from AU$4.6 billion to AU$4.53 billion due to the decrease in Australian steel production and lower sales prices. The company produced 2.65 million mt of crude steel in the first half of the current fiscal year, down 22.8 percent year on year.
Regarding the second half outlook, BlueScope CEO Paul O'Malley said that the company expects a slightly lower net loss and even a return to profit by the end of the financial year 2011-12.