Steel Mills
June 20, 2019
BlueScope Steel Lowers Earnings Estimate for Second Half
Written by Sandy Williams
Australian steel producer BlueScope lowered its earnings estimate for FY 2019 based on margins and market conditions. BlueScope now expects an increase in underlying EBIT of 6 percent for the year, down from previous guidance of 10 percent. EBIT for FY 2019 is expected to be around $1.35 billion and $500 million for the second half.
The revised forecast was due to steel margin pressure in North America and softer market conditions for building products in both Asia and North America. Shipment volume and margins are impacted by longer customer lead times at Buildings North America, said BlueScope in its guidance release.
