BluesScope Steel shrinks loss, reports underlying profit

BlueScope Steel has reported a $12 million loss for the first six months of the financial year, a significant improvement on the $136 million loss for the corresponding period a year before.

“This improvement comes on the back of strong cost management and despite dumped imports and some softening of domestic volumes” BlueScope said in a statement reprted by Bloomberg and others. “We expect a continued improvement with a small underlying net profit after tax”.

BlueScope has undergone resturcturing in the last two years, closing a mill and a furnace and making 1,000 positions redundant.

This year it cut 170 jobs and reduced production at its Western Port facility, reported in Manufacturers' Monthly.

A continued improvement to results was expected, said the company, with Fairfax Media reporting that BlueScope predicts slight profit for the second half of the financial year.