Feb 21, 2011
MELBOURNE Feb 21 (Reuters) - Australia's biggest steel maker, BlueScope Steel , posted a loss in first-half profit on Monday as its attempts to cut costs and lift Asian earnings was not enough to counter higher input costs, stagnant steel prices and softer demand.
Bluescope, which said conditions remained tough, posted a net profit of A$55 million in the six months to December, compared with a loss of A$28 million a year ago.
Bluescope said in November it expected to break even in the first half, or post a small loss on inventory adjustments, as it cut costs in the face of stagnant steel prices, high raw material costs, a strong Australian dollar and softer demand pinching profit margins.
Shares in Bluescope closed Friday at A$2.37, up from lows below A$2 in November but off highs above A$3 in April 2010. (Reporting by Miranda Maxwell; Editing by Balazs Koranyi, sourced:Thomson Reuters)
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