BlueScope’s US profit powerhouse revs faster

Advertisement“The stronger outlook is driven by improved earnings expectations for North Star and the North America coated business due to better than expected realised steel prices and spreads in the United States,” the company said.

But it signalled there had been some minor softness in its Australian steel products segment, with deliveries down because of flooding on the eastern seaboard, rail transport outages and disruptions connected to the COVID-19 pandemic. The lower deliveries had been offset by stronger margins and better than expected contributions from its suite of value-added steel products. BlueScope operates Australia’s largest steel plant at Port Kembla in Wollongong.

Mr Vassella also said broader supply chain disruptions were continuing, and raw material prices were rising, meaning BlueScope was operating with higher levels of working capital than usual. BlueScope is a strong player in painted steel products for building and construction operations in Australia, with demand for its flagship Colorbond roofing product strong in a housing and renovations boom. Mr Vassella said the BlueScope workforce was working hard to minimise delivery delays and disruptions. The company lifted prices in Australia by between 6 per cent to 8 per cent in February.

Coil Coatings was BlueScope’s second US acquisition in six months, after spending $US240 million in November for scrap steel recycling business MetalX, one of the big suppliers of feedstock for

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