BSL 2.60% $13.41 bluescope steel limited

News: BlueScope widens H1 net loss

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    BlueScope Steel Limited (ASX:BSL) has widened its first half net loss to $530 million from $55 million the year before.

    The steel makers result was weighed down by $260 million in restructuring costs and a $184 million impairment of deferred tax assets.

    On an underlying basis the company’s underlying net loss after tax came in at $129 million.

    Managing director and CEO, Paul O’Malley, says the result was in line with market guidance as the company lays the foundation for a return to profitability.

    BlueScope expects a slightly lower underlying net loss after tax in the second half fiscal 2012 with a possible return to a profitable underlying run rate.

    An interim dividend has not been declared.


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