Steel manufacturer and distributor BlueScope Steel Ltd
(ASX:BSL) has reported a net loss for the full year and says although the company sees some improvement in demand, it expects to post a small loss in the first half of fiscal 2010.
Net loss for the 12 months to June 30 was $66 million, compared to a profit of $596 million in the previous year.
CEO Paul O’Malley says BlueScope is encouraged by the improvement in demand in some markets, and by movement in steel prices globally, however the company remains cautious on the outlook and currently expects to deliver a small loss in the first half of fiscal 2010.
Mr O’Malley says the company is yet to see the full flow-on effect of various government stimulus packages, especially in the U.S. and Australia.
He says the company is however starting to see benefits of China’s economic stimulus package and says BlueScope has an increasingly positive view of its prime market, Australia.
If we take a look back over the company’s results in the last five years, BlueScope Steel’s best net profit was in 2005.
