Australian steelmaker BlueScope Steel has stated that during the financial year 2023-2024 ended on June 30 it continued to execute its “Transform, Grow, Deliver” strategy. In the US, the company ramped up the expansion of its subsidiary North Star and the company’s board has approved additional debottlenecking, along with a potential cold rolling and metal coating facility.
In addition to the US, BlueScope has built a new metal coating line in western Sydney, Australia, and has upgraded the blast furnace at Port Kembla. In New Zealand, the company has commenced the project to install an electric arc furnace at the Glenbrook site.
Meanwhile, the company has posted a net profit of A$805.7 million for the full financial year, compared to a net profit of A$1.01 billion in the previous financial year, while its underlying EBIT in the given year was A$1.34 billion, representing a solid performance in the context of macroeconomic and industry volatility.
The company expects underlying EBIT to be A$350-420 million in the first half of the financial year 2024-2025, subject to foreign exchange and market conditions.