BlueScope Steel reports A$1.04 billion net loss after tax
21 Aug 2012
1
Australia's BlueScope Steel on Monday reported a net loss after tax (NLAT) for A$1.04 billion for FY 2012, marginally lower than the previous year's NLAT of A$1.05 billion.
''Fiscal 2012 was a transforming year, we delivered what we promised,'' said Paul O'Malley, managing director and CEO, BlueScope. ''Net debt is lower than forecast. Our Australian businesses are expected to be EBITDA positive in FY2013, and globally we are now well positioned for growth.''
The company is now structured into four main businesses: BlueScope Building Products; BlueScope Global Building Solutions; BlueScope Australia and New Zealand and in the US, North Star BlueScope Steel.
According to O'Malley, the Building Products business, across ASEAN and the US, will be incorporated in the new US$1.36 billion NS BlueScope Coated Products joint venture with Nippon Steel Corporation.
''It will provide a stronger platform to capture growth in new market segments,'' he remarked. ''The net proceeds of approximately US$540 million from Nippon Steel's 50 per cent investment will afford BlueScope further financial flexibility and balance sheet strength to grow businesses that deliver strong returns.''
According to him, BlueScope in Australia is delivering its turnaround and New Zealand Steel continues to be profitable and its iron sands export capability is on track to double within two years. ''In the US, our North Star BlueScope Steel business will concentrate on continuing its good operational performance and accelerating specific growth opportunities,'' said O'Malley.
During the first half of FY 2012, the company expects continued improvement in financial performance with an underlying net after tax loss (before period-end net realisable value adjustments) approaching breakeven (subject to spread, FX and market conditions).
''In FY2013, total capital expenditure for the group is expected to be approximately $300 million with a third to be invested on growth projects,'' he added.
In 2005, Tata Steel and BlueScope Steel officially established their new 50:50 joint venture to manufacture and supply flat steel products, coated steels and also a range of metal building solutions.
Tata BlueScope Steel has three manufacturing facilities operational at Pune, Bhiwadi in Rajastan and Sriperumbudur in Tamil Nadu as well as a new Coated Steel manufacturing facility coming up at Jamshedpur.
The Hinjewadi facility in Pune, spread over 30 acres manufactures, designs and supplies a range of pre-engineered buildings and steel building products. The Bhiwadi facility manufactures roof and wall cladding solutions, while the Sriperumbudur facility manufactures light steel structures and roof and wall cladding solutions.
''Fiscal 2012 was a transforming year, we delivered what we promised,'' said Paul O'Malley, managing director and CEO, BlueScope. ''Net debt is lower than forecast. Our Australian businesses are expected to be EBITDA positive in FY2013, and globally we are now well positioned for growth.''
The company is now structured into four main businesses: BlueScope Building Products; BlueScope Global Building Solutions; BlueScope Australia and New Zealand and in the US, North Star BlueScope Steel.
According to O'Malley, the Building Products business, across ASEAN and the US, will be incorporated in the new US$1.36 billion NS BlueScope Coated Products joint venture with Nippon Steel Corporation.
''It will provide a stronger platform to capture growth in new market segments,'' he remarked. ''The net proceeds of approximately US$540 million from Nippon Steel's 50 per cent investment will afford BlueScope further financial flexibility and balance sheet strength to grow businesses that deliver strong returns.''
According to him, BlueScope in Australia is delivering its turnaround and New Zealand Steel continues to be profitable and its iron sands export capability is on track to double within two years. ''In the US, our North Star BlueScope Steel business will concentrate on continuing its good operational performance and accelerating specific growth opportunities,'' said O'Malley.
During the first half of FY 2012, the company expects continued improvement in financial performance with an underlying net after tax loss (before period-end net realisable value adjustments) approaching breakeven (subject to spread, FX and market conditions).
''In FY2013, total capital expenditure for the group is expected to be approximately $300 million with a third to be invested on growth projects,'' he added.
In 2005, Tata Steel and BlueScope Steel officially established their new 50:50 joint venture to manufacture and supply flat steel products, coated steels and also a range of metal building solutions.
Tata BlueScope Steel has three manufacturing facilities operational at Pune, Bhiwadi in Rajastan and Sriperumbudur in Tamil Nadu as well as a new Coated Steel manufacturing facility coming up at Jamshedpur.
The Hinjewadi facility in Pune, spread over 30 acres manufactures, designs and supplies a range of pre-engineered buildings and steel building products. The Bhiwadi facility manufactures roof and wall cladding solutions, while the Sriperumbudur facility manufactures light steel structures and roof and wall cladding solutions.
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