BlueScope’s major Australian capital projects – construction of a metal coating line (MCL7) at its Western Sydney Service Centre, and a No 6 blast furnace reline and plate mill upgrade at Port Kembla – are progressing well, with the new electric arc furnace build in NZ also on track, BlueScope’s six-month report ending December 2024 reveals.
Australian market volumes have improved from the previous six months, with continued good growth in COLORBOND® steel and TRUECORE® steel. Profit was down largely due to lower pricing in all markets, with a modest improvement in profits forecast for the current six-month period.
Targeted cost reductions and productivity initiatives across the group of $200m are planned over the next six to 12 months. The recently acquired US coatings business made a loss during the period, with BlueScope acknowledging it was a focus of management attention.