BlueScope considering US expansion following full year results

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

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology