BlueScope reports lower profit for FY 2022-23, to upgrade BF No. 6 at Port Kembla

Monday, 21 August 2023 14:54:49 (GMT+3)   |   Istanbul

Australian steelmaker BlueScope Steel has posted a net profit of A$1.01 billion ($645.92 million) for the full financial year 2022-2023 ended on June 30, declining by A$1.80 billion or 64.1 percent compared to a net profit of A$2.81 billion in the previous financial year.

Meanwhile, BlueScope’s underlying EBIT in the given year was A$1.61 billion ($1.03 billion). On the other hand, the company recorded an EBITDA of A$2.15 billion ($1.38 billion) in the given period, compared to A$4.40 billion ($2.81 billion) recorded in the previous financial year.

BlueScope’s domestic sales in the financial year 2022-2023 stood at 2.25 million mt, down by 10.0 percent year on year due to supply chain disruptions, weather conditions, rail outages and labor shortages.

The company expects underlying EBIT to be A$700-770 million in the first half of the financial year 2023-2024.

BlueScope’s managing director and CEO Mark Vassella stated that the company’s robust results in the given financial year will support them to invest for a low-carbon future. BlueScope will build a new electric arc furnace at its New Zealand Steel Works at Glenbrook to reduce Scope 1 and 2 emissions by at least 45.0 percent. Also, the company will also invest A$415 million in building a metal coating line in western Sydney to expand its metal coating capacity, as SteelOrbis reported previously.

Vassella has also announced that the board of directors approved an A$1.15 billion investment to reline and upgrade the No. 6 blast furnace at the Port Kembla Steelworks. According to local reports, the relined blast furnace will be commissioned in 2026 and will have a lifespan of about 20 years.

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