Tag: Steel

Australia’s biggest steel maker, BlueScope Steel, said higher raw material costs, the strong Aussie dollar and reduced local demand resulted in a loss of $55 million for the first half of the 2011 financial year. This compares with a loss of $28 million for the same time in the previous year. Speaking at the half-year results briefing in Sydney, BlueScope Steel’s Managing Director and CEO, Mr Paul O’Malley, said “the result is ‘in line’ with the Company’s guidance at the Annual General Meeting and reflective of the developed world steel industry performing near the bottom of its cycle.