BlueScope upholds forecast of 1H net loss

BlueScope upholds forecast of 1H net loss

BlueScope Steel (ASX:BSL) still expects to post a slight net loss in the first half of FY10, the company warned investors today.

Conditions are improving in the worldwide steel market, but the road to recovery will be long, BlueScope chairman Graham Kraehe said.

“There have certainly been some positive developments during the half such as the improvement in steel demand and production,” he said.

But steel prices have recently fallen, the Australian dollar continues to be strong against the US, and the company had to deal with the carry forward of higher priced inventory from FY2009 in the first quarter, he added.

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Tags economic crisisminingBluescope Steeleconomic recovery

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