BlueScope Steel Limited
(ASX:BSL) has booked a full year net loss of $84 million, a $960 million turnaround on last year’s result.
Underlying net profit came in at $30 million, a $267 million improvement on 12 months ago.
The steelmaker has attributed the result to management initiatives and changes across the entire company.
Bluescope has a bright outlook and expects to deliver a profitable first half in 2014, but it says the result is not expected to be better than the second half of fiscal 2013 due to uncertainty in domestic demand.
CEO and Managing Director Paul O’Malley says the result was encouraging despite ongoing difficult trading conditions.
Bluescope Steel will not pay a final dividend.
