BHP Steel makes a good start with A$452 million profit

BHP Steel makes a good start with A$452 million profit

BHP Steel Ltd. (BSL), demerged from Australia's one of the major steel producers BHP Billiton as of July 01, 2002 announced its first financial year results with a net profit of A$452 million ($290 million). According to the announcement made yesterday, BSL gained A$5.272 million revenue from sales, A$2.626 million of which accounts for sales of hot rolled products. Company also recorded high shipment figures both domestic and abroad totaling to 5'949'000 tons. Domestic shipments were slightly higher than exports with 3'294'000 tons in fiscal year. Added to that during the year the company reduced its bank debt by A$540 million down to A$168 million as of June 30, 2003. Company officials attribute these strong financial results, which have slightly effected by stronger Australia and New Zealand Dollars, to better prices in international markets as well as home market and high production, shipment and sales volume. Despite good financial results recorded in fiscal 2003, BSL prefers to act cautious for its performance in fiscal year 2004.