BSL 0.50% $16.00 bluescope steel limited

q1 profit 430m second half challenging

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    Sydney - Thursday - October 30: (RWE Aust Business News) -
    Bluescope Steel Ltd (ASX:BSL) has reported an unaudited first quarter
    underlying profit after tax of approximately $430 million.
    Managing director and CEO Paul O'Malley said the company has had
    a very good start to FY09 due to strong global steel demand and prices.
    "In this opening quarter, the business outperformed the first half
    result of last year, despite increases in iron ore, coal and scrap
    prices.
    "However, current economic conditions suggest a challenging
    second half," he said.

    Global Outlook:
    Commenting on the current economic climate and the second half
    FY09 outlook, Mr O'Malley said that while Bluescope expects the
    significant pressures in the world economy to have an impact on second
    half results, investors should look beyond the short term for
    underlying drivers of steel growth.
    "A range of independent data points to the ongoing urbanisation
    and industrialisation in China. These will be the principal drivers of
    growth and they still have a long way to run," he said.
    "In addition, the global steel industry is responding to the
    current environment with production cuts.
    "Combined, these factors are likely to produce beneficial
    knock-on effects for the global steel sector and Australia," Mr O'Malley
    said.
 
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