BlueScope says restructure on track

BlueScope Steel said on Tuesday it has no plans to raise extra funds as its debt reduction program is on track.

After posting a $530 million loss in the first half of the 2011-12 financial year, the steel maker outlined restructuring plans to reduce its debts, including the sale of a business in north America and an exit from its export business.

On Tuesday BlueScope said those measures were progressing to plan.

"The company has no plans for equity raising," it said in a statement.

BlueScope said its exit from export activities would release nearly $500 million of capital.

The sale of its Metlspan business was expected to close by June 30, and result $117 million in proceeds, it added.

Restructuring costs in the second half of financial 2012 were expected to be at the lower end of a $120 million to $140 million range, BlueScope said.

Australian Financial Review

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