BlueScope Steel Limited (ASX:BSL) has widened its first half net loss to $530 million from $55 million the year before.
The steel makers result was weighed down by $260 million in restructuring costs and a $184 million impairment of deferred tax assets.
On an underlying basis the company’s underlying net loss after tax came in at $129 million.
Managing director and CEO, Paul O’Malley, says the result was in line with market guidance as the company lays the foundation for a return to profitability.
BlueScope expects a slightly lower underlying net loss after tax in the second half fiscal 2012 with a possible return to a profitable underlying run rate.
An interim dividend has not been declared.
