BlueScope Steel Ltd
(ASX:BSL) has upgraded its earnings result for the six months ending 31 December 2016.
Previously, the company issued earnings guidance of $510 million for that half-year period.
BlueScope is now expecting its preliminary earnings before interest and tax (EBIT) to be $600 million, which is around 160% growth over the first half results in 2016.
The company says its improved performance was due to stronger steel and iron ore prices, as well as productivity improvements.
BlueScope also expects to recognise an impairment charge of $65 million due to the manufacturing sites at its China Buildings business being reconfigured or closed, and capital expenditure at its Taharoa export iron sands business.
Bluescope Steel posted a net profit of $416.3 million at 30 June 2016.
