Australian steelmaker BlueScope Steel has posted a net profit of A$1.64 billion ($1.18 billion) for the first half of the financial year 2021-22 ended on December 31, compared to a net profit of A$330.3 million in the first half of the previous financial year. The company attributed the increase in its net profit to the higher underlying EBIT. The company’s sales revenues in the given period increased by 61.9 percent year on year to A$9.42 billion ($6.77 billion), due to higher global steel prices and strong demand across its portfolio.
Meanwhile, BlueScope’s underlying EBIT in the given year was A$2.2 billion ($1.58 billion), compared to A$530.6 million in the first half of 2020, due to stronger steel spreads and partly offset by higher costs.
The company expects underlying EBIT to be in the range of A$1.20-1.35 billion in the second half of the financial year 2021-22.
