BlueScope officials report profit

BlueScope officials report profit

Melbourne based BlueScope Steel Ltd., former BHP Steel, has announced its debut profit as $452 million for July 2002-June 2003 period. The company separated from BHP Biliton Ltd. in July 2002. Accordingly, the company CEO Kirby Adams was rewarded for the company's debut profit figure with a salary package of more than $3.4 million. Furthermore, BlueScope posted its EBITDA as $881 million in 2002/2003 against $412 million recorded in the previous year. In consideration of the EBITDA result, Kirby Adams obtained a cash bonus of approximately $2 million. BlueScope published this salary package in its annual report with a pensionable pay of $191'100. Company official Kirby Adams stated that the company has strenghtened its position in the steel industry. Moreover, the company aims to expand through acquisition and internal growth.