Steel Mills
August 25, 2014
North Star BlueScope EBIT Soars 57%
Written by Sandy Williams
Australian company BlueScope Steel announced FY 2014 underlying EBIT of AUD 104.6 million (USD 97.2 million) for its 50 percent ownership of U.S. based North Star BlueScope Steel. The increased profit, up 57 percent from FY 2013 AUD 66.7 million, was due primarily to stronger spread from higher hot rolled coil prices that were partially offset by higher scrap costs. The company also cited a favorable exchange rate from a weaker Australian dollar versus the US dollar that was partly offset by unfavorable conversion costs due to higher power and utility rates.
Steel shipments totaled 987,600 tonnes (1.09 million net tons) FY 2014—489,900 tonnes in H1 and 497,700 tonnes in H2 (540,013 and 537,588 net tons, respectively).
