BlueScope steel is getting smashed in the market after reporting more losses.
Its share price fell more than 12% to $5.35 in early trade.
The steelmaker posted a $24.7 million improvement in earnings but still reported a $82.4 million full year net loss in the 12 months to the end of June.
Excluding asset impairment and tax losses, Bluescope had an underlying net profit of $112.3 million.
CEO Paul O’Malley says conditions in building construction markets are positive.
He expects the six months to December to benefit from expanding domestic margins, contributions from acquisitions, restructuring in China and growth in North America.
EBIT (earnings before interest and tax) hit $249.7 million, a 237% increase on the prior year.
All six of Bluescope’s operating segments delivered improved earnings: in Australia, Coated and Industrial Products Australia business delivered underlying earnings of $65.4 million, up 216%, mainly due to higher domestic volume and lower loss-making exports and increased spread. This was the segment’s first positive underlying EBIT since 2010.
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