BlueScope (ASX:BSL) profit hit by steel price decline

Company News

by Rachael Jones

BlueScope (ASX:BSL) today reported a 1H FY2020 net profit after tax (NPAT) of $185.8 million, down 70 per cent on 1H FY2019, and an underlying NPAT of $199.6 million.

The blame is on the decline in commodity steel spreads which were predicted in August last year.

The Board has approved a 6 cents per share interim dividend and the extension of the on-market buy-back, to buy up to $100 million during 2H FY2020.

Shares in BlueScope (ASX:BSL) trading 4.8 per cent lower at $13.05.
  

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.