North Star BlueScope Reports Strong Half, Progress on Expansion

North Star BlueScope continues to be a strong segment for Australian steelmaker BlueScope Steel. North Star BlueScope shipped 1,024,700 metric tons of steel in the first half of fiscal year 2021 for revenue of U.S. $569 million, up slightly from $557 million in the second half of FY 2020. The U.S. division ran at full capacity in the first half other than during scheduled maintenance in November. End-use mix normalized in the first half as auto production rebounded from COVID-related shutdowns earlier in the year, the company said.

During an interview with Bloomberg TV, CEO Mark Vassella commented that North American steel prices are at an “extraordinary pricing level” and that North Star, as a low-cost producer, is in position to take advantage of the cycle when prices are high. “Many businesses I think ran inventory levels down as we went into the very uncertain COVID period and the bounce back in demand has stretched supply chains. Our read of it, quite frankly, is that supply chains are tight, and that should keep pricing pressure in the markets for at least the next six months.”