BlueScope Steel Ltd., Australia’s largest steelmaker, said it would turn to a loss this financial year because of a decline in demand for steel.
The company will report a “small” loss after tax in the year ended June 30, according to a statement to the Australian stock exchange today. The loss in the second half will offset the profit it made in the first half, it said. The Melbourne- based company reported a profit of A$406.9 million ($325 million) in the fiscal first-half ended Dec. 30.
BlueScope will also restart its No. 5 blast furnace at Port Kembla Steelworks in Australia’s New South Wales State because of a recent improvement in the Australian and global steel markets, the statement said.
The company reported net income of A$596.2 million in the last financial year.