BlueScope Steel Limited (ASX:BSL) has posted a net loss of $1.04 billion for the 2012 financial year, hit by impairment charges, restructuring costs and a strong Australian dollar. The steel maker’s result was only a marginal improvement from last year’s $1.05 billion net loss.
On an underlying basis the company reported a $238 million net loss, dragged down by a softening construction sector in Australia.
Just last week BlueScope Steel announced a $1.4 billion joint venture with Japan’s Nippon Steel Corporation.
CEO Paul O’Malley says fiscal 2012 was a transforming year and the company is now well positioned for growth. BlueScope Steel expects a continued financial performance improvement in the first half of fiscal 2013 with an underlying net after tax loss approaching breakeven.
No final dividend has been declared.