Steel maker BlueScope Steel Ltd
(ASX:BSL) says it expects to report a small profit for the full year on an increase in domestic and export demand despite posting a loss for the first half this morning.
The company reported a loss of $28 million for the six months to December 31, 2009 compared with a profit of $407 million for the same period a year ago.
Revenue tumbled 33% to $4.1 billion for the period with the company saying it will not pay a half year dividend.
CEO Paul O’Malley says the company expects to deliver a small profit for the year largely due to continued improvement in domestic and export demand, improved steel prices, further cost reduction initiatives.
Mr O’Malley says key sensitivities in the second half include steel prices, iron ore prices and the exchange rate.
BlueScope Steel reported a loss of $66.4 million in the year to June 30, 2009.
