Australian steelmaker BlueScope Steel has announced that it has decreased its guidance for underlying earnings before interest and tax (EBIT) for the first half ending December 31 of the financial year 2024-25 to $270-310 million, compared to the previous guidance of $350-420 million.
The revised outlook is based on the challenging operating conditions not only facing BlueScope but also the broader global steel industry. These challenges include the continued softness in sales to the East Asian market due to the record levels of Chinese steel exports, ongoing cost inflation, and a period of pause and uncertainty in the US pending the outcome of the elections.
The revised guidance is subject to sales, foreign exchange and market conditions.
