BlueScope to remain in the red
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SYDNEY, Nov 15 AAP
November 15 2012, 2:30PM
Loss-making BlueScope Steel still expects to remain in the red during the first half of the 2012/13 financial year.
In an update provided to shareholders at the company's annual general meeting on Thursday, BlueScope chairman Graham Kreahe said trading conditions remained challenging.
He also said the company's performance had been in line with expectations.
As a result, BlueScope expected to post an underlying net loss approaching break-even for the six months to December 31, Mr Kraehe said.
BlueScope has made two consecutive $1 billion annual losses.
The implementation of the company's $1.36 billion joint venture with Japanese giant Nippon in its coated steel-products business was progressing well, and the proceeds were expected to be received in March quarter of 2013, Mr Kraehe said.
"We are now seeing the rewards of that investment foresight as our Asian businesses continue to perform well and we see further growth opportunities in our markets in the region," he said.
Mr Kraehe said it was a priority to recommence paying dividends to shareholders when BlueScope returned to profitability.