Australia’s BlueScope Steel posted a strong net profit of over AU$1.57 billion in its financial year ended June 30, 2018. As such, BlueScope’s CEO Mark Vassella recently stated that the company is in a very strong cash flow position to make a sizable investment in it Ohio-based North Star BlueScope Steel LLC mill.
BlueScope announced it will decide on whether to proceed with a US$500-700 million expansion of the North Star steel mill in the first six months of 2019. If an expansion proves feasible, BlueScope would add a third electric arc furnace and a second slab caster to the plant.
Once the investment is ratified by the board, the expansion is expected to take two to three years to complete. North Star was a large contributor to BlueScope’s positive profit announcement and presently produces 2.1 million mt of rolled steel coils annually.