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BlueScope posts another loss

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SYDNEY, Feb 18 AAP

February 18 2013, 08:37AM

BlueScope Steel has posted a $12 million loss for the first half of the financial year, and expects continuing improvement in its underlying profit.

The manufacturer's loss in the six months to December 31 was an improvement from a $530 million loss in the same period in the previous year.

The previous corresponding period's loss was a result of massive restructuring within the business, including job cuts, aimed at overcoming the impact of the high Australian dollar and strong competition from overseas.

BlueScope's underlying net profit in the six months to December, which excludes one-off charges, was $10 million, up from a loss of $136 million in the previous corresponding period.

The company on Monday said it expected continued improvement in its underlying profit in the second half of the financial year, forecasting a small profit for the period.