BlueScope Steel revises profit forecast

BlueScope Steel revises profit forecast

Australian steelmaker BlueScope Steel Ltd. reduced its full year profit forecast approximately 35 percent due to the steel glut in China. BlueScope Steel said global oversupply, largely driven by the unbridled increase in steel production in China, has led to a larger than expected declines in export markets for slab and hot rolled coil and some commodity coated steels. BlueScope Steel's third quarter pricing and export bookings, which are now finalized, indicate prices have fallen 15-20 percent.