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Australian steelmaker BlueScope reports a sharp drop in profits due to market volatility and rising costs.
Australian steelmaker BlueScope reported a significant drop in after-tax profits to A$83.8 million, down from A$805.7 million the previous year.
CEO Mark Vassella attributed the decline to volatile market conditions and rising costs, though he remains optimistic about future improvements.
The company's Australian division saw pre-tax profits fall by 31% to A$261.6 million.
Despite the challenges, BlueScope is planning to leverage the recovery in Australian construction and improving US market conditions to boost earnings.
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El fabricante de acero australiano BlueScope informa de una fuerte caída en las ganancias debido a la volatilidad del mercado y al aumento de los costos.