BlueScope lifts H1 profit 42% to $624.3m

BlueScope Steel has lifted first-half profit 42 per cent to $624.3 million, driven by strong demand and steel spreads in both the US and Australasia.

Australian Associated PressFEBRUARY 25, 20198:41AM

BlueScope Steel has lifted first-half profit 42 per cent to $624.3 million, helped by a 17 per cent increase in revenue due to stronger steel prices and a weaker Australian dollar.

The steelmaker says profit for the six months to December 31 rose from $441.2 million a year earlier, while underlying earnings before interest and tax jumped 62 per cent to a record $849.6 million despite higher costs.

Managing Director and chief executive Mark Vassella said BlueScope's "best half on record" was driven by strong demand and steel spreads in both the US and Australasia.