Bluescope Steel Limited
(ASX:BSL) says that its underlying earnings before tax are now expected to be around $230 million.
This is well above previous guidance of $180 million thanks mainly to cost reductions and better margins.
The company also said it would be recognising a write up value of around $700 million for the extra 50 per cent interest in the North Star Bluescope Steel as well as booking an impairment charge of around $570 million after a review of steel and iron ore price forecasts.
Bluescope Steel reported a full year net profit of $177.10 million for the year ended 30 June 2015.
