BlueScope is likely to report its best ever pre-tax earnings for this financial year on the back of a record-setting second half.
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The steelmaker has said its preliminary earnings will be approximately $1.72 billion, with the second half contribution expected to be around $1.19 billion - up from earlier estimates of $1 billion to $1.08 billion.
BlueScope CEO Mark Vassella said it was its best result since the steelmaker was spun out of BHP in 2002.
"The business has gone from strength to strength in the second half of Financial Year 2021 and all operating segments have delivered significantly better results than FY2020," Mr Vassella said.
The Australian Steel Products division - which includes Port Kembla - helped boost the bottom line with results up by around 60 per cent on the first half of the year.
Domestic mill sales volumes passed 1.3 million tonnes, the highest since 2008 and the steel spreads - the difference between the cost of raw materials and the eventual sale price - were also strong over the last six months.
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Glen Humphries
I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading.
I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading.
