BlueScope Steel Ltd, Australia's biggest steelmaker, said first-half net profit more than doubled as a result of it taking full ownership of a steel mill in the United States and due to the impact of a declining Australian dollar.
Net profit was A$200.1 million ($142.8 million) for the six months to Dec. 31, up from A$92.7 million in the previous corresponding period, the company said in a statement on Monday.
The result included a A$702.9 million upward revaluation of the North Star steel mill after BlueScope bought joint venture partner Cargill Inc's half share in October, offsetting a A$567.5 million impairment charge due to lower iron ore prices.
Excluding one-off items, the company said underlying net profit rose 47 percent to A$119 million.
Like other Australian steelmakers, BlueScope has had to cope with weak steel prices and lower demand in Asian export markets.
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