Australian steelmaker BlueScope Steel has posted a net profit of A$179.1 million ($113.90 million) for the first half ending December 31 of the financial year 2024-25, down 59.2 percent compared to a net profit of A$439.3 million 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 7.3 percent year on year to A$7.91 billion ($5.03 billion), due to lower global steel prices.
Meanwhile, BlueScope’s underlying EBIT in the given period was A$308.8 million ($196.39 million), compared to A$718.4 million in the first half of the 2023-24 financial year, due to softer steel spreads and higher costs.
In the given period, BlueScope’s posted losses in all areas it operates in, Australia, North America, Asia and, New Zealand and Pacific.
The company expects underlying EBIT to be in the range of A$360-430 million in the second half of the financial year 2024-25. Expectations are subject to foreign exchange and market conditions.
