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.