BlueScope Steel Limited
(ASX:BSL) has announced a net profit of $136.3 million on the back of 15 per cent growth in second half earnings.
The result was $219 million higher than last year and the company’s best profit performance since the impact of the GFC sent steel prices plunging.
However the company says it is still trying to improve costs particularly in Australia and New Zealand since Asian steel exports have put strong pressure on prices.
BlueScope aims to reduce costs by $200 million in Australia and NZ$50 million in New Zealand. The company hopes to maintain its steel making at Port Kembla and Glenbrook if it can negotiate a more flexible labour force.
The company says it expects 2016 earnings to be similar to this year’s result.
A fully-franked dividend of 3 cents per share has been declared.
