Shares to Sell News: Bluescope Steel (BSL)

Shares to Sell News: Bluescope Steel (BSL)|ASX:BSL|BSL StocksBluescope Steel (BSL) is the leading steel company in Australia and New Zealand, supplying a large percentage of all flat steel products sold in these markets.

It has been one of the shares to sell in recent times due to the soaring Aussie dollar and surging input costs.

Today, BSL reported an FY11 net loss of $1.05 billion, which was worse than analyst estimates.  No final dividend was declared.

The result was impacted by restructuring costs, although BSL still reported an underlying loss amid the soaring AUD and higher iron-ore and coal prices.

In response, BSL will shut down one of its two blast furnaces, whilst the closure of its export business will result in the loss of 1,000 jobs.

BSL was bearish about the immediate outlook, saying it was expecting a significant net loss in the 1H12 due to the strong AUD, high input costs and weak demand.

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