Aussie steel giant Bluescope raises first half projections

 Australian steel maker Bluescope has improved its guidance for its first half performance projections on Tuesday.

It set its gross earnings at 600 million Australian dollars (456 U.S. dollars), rather than its previously projected 510 million Australian dollars.

This represents an 160 percent increase over the same time period last year.

Bluescope said the results were down to higher prices for steel, productivity improvements they made across their Australian, New Zealand and North American businesses, and higher profitability for their iron based interests.

But the company said it will take a 65 million Australian dollar impairment charge on its business operations in China, India and New Zealand, related to its iron sands business.

Bluescope will release their detailed first half results report on Feb. 20. (1 Australian dollar = 0.76 U.S. dollar)

source: Xinhua