MELBOURNE, Feb 20 (Reuters) - BlueScope Steel Ltd BSL.AX said on Monday it would buy back A$150 million ($115 million) worth of shares after tripling its half-year underlying profit, as expected, on the back of stronger steel prices and cost cuts.
Australia's biggest steel maker said it sees second-half underlying earnings before interest and tax (EBIT) coming in around 50 percent higher than the same period last year at around A$510 million, roughly in line with market forecasts.
Underlying profit for the six months to December rose to A$360 million from A$119 million a year earlier, with EBIT having soared to A$604 million, as flagged by the company in January.
"There are positive trading conditions across most of our businesses," BlueScope Managing Director Paul O'Malley said in a statement.
BlueScope raised its half-year dividend by a third to 4 cents a share and rewarded investors with an on-market share buyback of up to A$150 million, which the board said reflected the company's "sound cash flow position". ($1 = 1.3045 Australian dollars)