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

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia

Sustainability

Huawei smartwatch goes for gold with Ultimate Edition

Lifestyle

How IKEA India plans to double business, triple headcount

Corporate Finance