Australian steelmaker BlueScope Steel has posted a net loss of AU$84 million for the 2012-13 financial year ended June 30, down from the net loss of AU$1.04 billion in the previous financial year, primarily reflecting the benefit of the company's Australian restructure and lower restructure, redundancy and tax impairment charges.
When the same periods are compared, BlueScope's sales revenues decreased by 14 percent to AU$7.27 billion due to lower export volumes following the closure of the No. 6 blast furnace and lower domestic volumes, predominantly HRC and plate, driven by increased import competition and lower activity levels, lower international and domestic steel prices across all segments and the disposal of Metl-Span during the previous financial year.
In the first half of the current financial year, BlueScope expects to maintain the company's performance. However, given the uncertainty in Australian demand, first half results are not likely to be better than the second half of the financial year 2012-13.
Additionally, BlueScope stated that it has agreed to acquire two businesses from Australia-based Hills Holdings Limited; Orrcon, a pipe and tube manufacturer and distributor, and Fielders, a building products business, for a combined purchase price of AU$87.5 million.
