BlueScope considering US expansion following full year results
BlueScope considering US expansion following full year results
By Galia Ilan
By Galia Ilan

Australia’s largest steel manufacturer, BlueScope Steel, has announced potential plans to expand its US operations.

The firm could invest up to AU$954mn (US$700mn) into its North Star facility, located in Delta, Ohio, over a period of two to three years.

The company would be taking advantage of the current protectionist tariff policy implemented by the Trump administration for imported steel and aluminium.

The potential future expansion follows BlueScope’s full year results ending June, which saw the firm’s net profit increase by 119% to reach AU$1.57bn (US$1.14bn), compared to the previous year.

SEE ALSO:

The company’s sales revenue from continuing operations hit AU$11.49bn (US$8.35bn), increasing by 9%.

According to the BlueScope’s Chief Executive Officer, Mark Vassella, the successful results could be attributed to increased demand and profit margins.

“We have a simple and sustainable strategy across a complex and diverse business that is working,” stated Vassella, Herald Sun reported.

“Our businesses are generating strong cash earnings. The balance sheet is in good shape.”

During the review period, the company saw its best half year results in over 15 years, since December 2008.

Share
Share

Featured Articles

Featured Articles

Why Deloitte Australia’s HR technology is winning awards

Why Deloitte Australia’s HR technology is winning awards

Claiming top prize for HR tech in Australia’s leading awards, Deloitte’s app WorkforceX is helping businesses tackle the challenges of COVID-19

Claiming top prize for HR tech in Australia’s leading awards, Deloitte’s app WorkforceX is helping businesses tackle the challenges of COVID-19

Meet the CEO: Isabel Ge Mahe heading up Apple in China

Meet the CEO: Isabel Ge Mahe heading up Apple in China

Leading Apple’s business in Greater China for the last four years, VP Isabel Ge Mahe has a lot on her plate, as China’s tech crackdown continues

Leading Apple’s business in Greater China for the last four years, VP Isabel Ge Mahe has a lot on her plate, as China’s tech crackdown continues

Ciena interconnects Digital Realty Throughout APAC

Ciena interconnects Digital Realty Throughout APAC

John Garrett of Ciena discusses working with Digital Realty on a sweeping greenfield data centre footprint expansion throughout APAC

John Garrett of Ciena discusses working with Digital Realty on a sweeping greenfield data centre footprint expansion throughout APAC

China imposes restrictions on high-rise construction

China imposes restrictions on high-rise construction

Leadership & StrategyLeadership & Strategy

Keelvar's sourcing team prioritises supply chain management

Keelvar's sourcing team prioritises supply chain management

Leadership & StrategyLeadership & Strategy

Interbrand highlight Best Global Brands in the latest report

Interbrand highlight Best Global Brands in the latest report

Digital StrategyDigital Strategy