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.