BlueScope Steel Ltd (BSL) is a major steel company in Australia and New Zealand, supplying flat steel products to the building, construction, manufacturing, automotive and packaging industries.
BlueScope Steel announced a 1H FY12 loss of $530 million, widening sharply from the $55 million loss from same period a year earlier. The result was worse than analysts expected.
The company said that a majority of its loss was made of two main costs; the restructuring of the business cost $260 million, while there was an impairment charge of $184 million on its Australian assets.
BlueScope said that trading conditions were improving, with the U.S. economy showing signs of recovery, but that its performance was not translating due to the high Australian dollar