Bluescope Steel posts loss of $530 million

Australia’s largest steelmaker, Bluescope Steel, has reported a $530 million first-half net loss for the six months to December 31. The result is nearly 10 times larger than the $55 million loss for the same period last year.

It included significant one-off restructuring costs of $260 million, impairment of deferred tax assets and income advanced under the federal government’s Steel Transformation Plan, the company said.

BlueScope Steel Managing Director Paul O’Malley said the company was on track to deliver a full-year working capital release of $400 million to $500 million and had initiatives for further debt reduction. It also sacked more than 1000 workers in the latter part of 2011 when it closed some of its Australian operations due to difficult trading conditions.

Source: AAP NewsWire