BlueScope Steel reports 20% drop in after-tax profit to $806M for 2023-24, due to global volatility and lower building activity.

BlueScope Steel, an Australian steelmaker, reported a 20% drop in after-tax profit to $806M for the 2023-24 financial year, due to global macroeconomic and steel industry volatility. The Australian Steel Products Division saw a 30% drop in pre-tax earnings due to softer building and construction activity and higher costs. Despite the challenges, the company maintained resilience, with Asia's pre-tax earnings rising 13% and US operations' earnings declining only 3%. Collaborating with Rio Tinto and BHP on low-carbon projects, BlueScope is predicting a challenging first half of the 2025 financial year, with expected pre-tax earnings in the range of $350M to $420M, subject to market conditions.

August 18, 2024
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