BlueScope back in black in H1 FY 2013-14

Australian steelmaker BlueScope Steel has posted a net profit of AU$3.7 million for the first half ending on December 31 of the financial year 2013-14, compared to a net loss of AU$23.8 million in the corresponding period of the previous financial year.
 
When the same periods are compared, BlueScope's sales revenues increased by eight percent to AU$3.99 billion due to higher domestic volumes predominantly in galvanized and hot rolled coils driven by a modest improvement in activity levels, partially offset by lower plate volumes caused mainly by the slowdown in mining investment. These were partly offset by lower international and domestic steel prices across most segments.
 
BlueScope expects its net profit in the second half of the current financial year to be similar to the first half results, based upon typical seasonality and planned second half maintenance activities in Australia.