BlueScope posts lower first half results

Australian steelmaker BlueScope Steel Ltd. disclosed that its first half profit fell 38 percent to A$312 million ($231 million) as steel prices weakened and a fire at one of its plants impacted earnings. Higher iron ore and coking coal prices also caused a decline in the company’s profit, adding an A$120 million in costs during the first half. BlueScope chief executive Kirby Adams indicated that second half earnings are expected to be weaker due to these key factors.