BlueScope jumps as loss narrows

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February 18, 2013 – 12:01PM

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Bluescope Steel said it is experiencing stronger demand in the US but weaker demand in China after flagging a break-even profit for the year to June.

In the second half, the company expects to post a “small profit” which is expected to offset the December half net loss of $12 million.

The manufacturer's loss in the six months to December 31 was an improvement from a $530 million loss in the same period in the previous year.

BlueScope shares jumped 12.5 per cent to $4.24.

“We are seeing better activity in the US … but China is probably a little softer,” the managing director, Mr Paul O’Malley told analysts.

“There is a lot of growth in South East Asia. We have to get our skates on to get that.”

The previous corresponding period's loss was a result of massive restructuring within the business, including job cuts, aimed at overcoming the impact of the high Australian dollar and strong competition from overseas.

BlueScope's underlying net profit in the six months to December, which excludes one-off charges, was $10 million, up from a loss of $136 million in the previous corresponding period.

The company this morning said it expected continued improvement in its underlying profit in the second half of the financial year, forecasting a small profit for the period.

Additionally, the company has just won its first order in Russia for a prefabricated steel building, which it is to supply out of the US, he said.

A revival of demand in China “will depend on credit easing, and I think that is on the cards,” Mr O’Malley said.

After the closure of one of its steel blast furnaces at Port Kembla, along with cutting processing capacity at the steel works and also at Western Port in Victoria, Bluescope is hoping to return to the black.

“For the first time in four years we’re looking at reporting a profit,” Mr O’Malley said. “We have turned the business around. The foundation is there for growth.”

With AAP