Steel prices and demand give BlueScope a boost

STEEL giant BlueScope has lifted its profit outlook for the fourth time in a year as the country comes out of lockdown and government stimulus dollars pour into infrastructure projects, lifting steel prices.

BlueScope said on Thursday it expected underlying earnings before interest and tax for the first half of the financial year to be in the range of $2.1bn to $2.3bn, up from previous guidance of $1.8bn to $2bn.

BlueScope managing director Mark Vassella (left) said on Thursday steel prices and strong demand had underpinned the latest profit upgrade. “The performance continues to demonstrate the value of our business model, and further underpins our capacity to invest for longterm sustainable earnings and growth, to position the business for a low-carbon future and to deliver solid returns to shareholders,” he said.

BlueScope shares rose 15c to $20.28.