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Australia's BlueScope Steel raises earnings guidance

Published 24/01/2017, 08:53 am
© Reuters. Australia's BlueScope Steel raises earnings guidance
BSL
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SYDNEY, Jan 24 (Reuters) - Australia's BlueScope Steel BSL.AX said on Tuesday it expected to report first-half earnings higher than previously forecast due to a combination of stronger steel prices, higher iron ore export prices and cost reductions.

The company said earnings before interest and tax for the six months ended Dec. 31 would be around A$600 million ($455.22 million), up from previous guidance of at least A$510 million, representing a 160 percent increase from the same period the prior year.

BlueScope also said it would recognise a A$65 million impairment charge alongside its first-half results on Feb. 20 after reviewing the carrying value of its businesses. ($1 = 1.3180 Australian dollars)

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