Bluescope halves net value of NZ steel assets in A$350 mln writedown

Thu, 11 Feb 2016

By Pattrick Smellie Feb. 12 (BusinessDesk) - Australian steel maker Bluescope is to make a A$350 million write down on the value of its New Zealand Steel and Pacific Steel businesses, more than halving the net value of its kiwi assets as part of a A$570 million write down across its Australasian portfolio. In a bare bones announcement to the ASX this morning ahead of a Feb. 22 trading results announcement for the half year to Dec. 30, Bluescope said the write downs followed "the review of external steel and iron ore price forecasts and di...

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