Australian steelmaker BlueScope Steel has posted a net loss of AU$82.4 million for the financial year 2013-14 ended on June 30, narrowing down from a net loss of AU$107.1 million in the previous financial year, due to increased spreads and volume, partly offset by higher restructuring, redundancy, business development and acquisition costs.
When the same periods are compared, BlueScope's sales revenues increased by 10 percent to AU$8 billion, mainly due to higher domestic volumes in Australia and higher volumes across other segments.
BlueScope expects its net profit in the first half of the 2014-15 financial year to be similar to the result for the second half of the previous financial year. According to BlueScope, the first half of the current financial year will benefit from expanding domestic margins, contributions from recent acquisitions, the company's restructuring in China, and growth and typical seasonality in North America.
