BlueScope increases half year earnings guidance

Company News

by Jessica Ellerm

BlueScope (ASX:BSL) has announced it expects EBIT for the 6 months ending 31 December to be around $460 million, up from prior guidance of $420 million.

Managing Director and CEO Mark Vassella has indicated the increase is in part due to higher steel prices and domestic volumes.

Recognition of previously impaired tax assets of $12 million from its Indian JV TBSL were also a factor.

BlueScope also expects its U.S. earnings will benefit through a lower federal tax rate, in light of news U.S. Congress has voted to approve the corporate tax reform package.

Shares in BlueScope (ASX:BSL) are trading 8.43 per cent higher at $15.70.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.