BlueScope Steel will spend $1.15 billion to improve its Port Kembla steelworks as decrease export costs dent earnings.
The steelmaker on Monday reported a 64 per cent drop in web revenue to $1.01 billion for the 12 months ending June 30.
Chairman John Bevan stated the excellent reline and improve of a blast furnace on the NSW south coast smelter, when commissioned in mid to late 2026, would permit the corporate to keep up metal manufacturing because it decarbonises its operations.
“It secures our immediate future while enabling a transition to lower emissions steelmaking as soon as it is commercially feasible,” Mr Bevan stated.
“In this sense the reline project is our bridge to the future and critical to maintaining the sovereign capability of flat steelmaking in Australia.”
BlueScope reported underlying earnings earlier than curiosity and tax of $1.6 billion, according to steering.
Lower international metal costs smashed a $2.1 billion dent in earnings, however was partially offset by decrease materials prices and a ramp up in manufacturing volumes at its US metal mill North Star.
Domestic Colorbond metal gross sales had been the very best on report, pushed by advertising initiatives and robust demand.
BlueScope has additionally began building on a $415 million metallic coating line in western Sydney to spice up manufacturing of value-added merchandise comparable to Colorbond.
The 240 kilotonne every year plant is because of be accomplished by the tip of 2025.
After earnings for the second half got here in at $757 million, the corporate expects an identical outcome for the primary half of monetary 12 months 2024.
BlueScope introduced a full-year dividend of 25c per share totally franked
Source: www.perthnow.com.au
