Australia's largest steel producer announces record profits
SYDNEY, Australia (AP) - Australia's largest steel producer BlueScope Steel Ltd. reported on Thursday a record annual profit of 584.1 million Australian dollars (US$417.3 million; euros 338 million), thanks to higher steel prices and surging demand overseas.
The result for the fiscal year ending June 30 marked a 29 percent increase over the previous year's net profit of A$451.7 million.
Sales for the company topped A$5.7 billion (US$4.1 billion; euros 3.3 billion), up 9 percent from A$5.3 billion the previous year.
The company, which makes flat steel and coated and painted steel, attributed its improved performance to higher prices in the United States and other export markets for BlueScope's slab and hot rolled coil products.
"The benefits of our product and geographic diversification are being realized. Our objective is to increase diversification and improve portfolio returns as our growth initiatives across China, Asia and North America gather momentum over the next three years,'' said Kirby Adams, chief executive for BlueScope.
He said steel prices were expected to stay high for the first half of the current fiscal year, but remained cautious about further profit growth.
"Overall, we are experiencing a strong start for fiscal 2005, however it is too early to be more definitive regarding the full year,'' Adams said. - AP
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