Rising electricity costs hit BlueScope Steel's profit

Scrap metal heated in a steel furnace at BlueScope Steel Ltd. Port Kembla steelworks in Port Kembla, Australia. (Image: Getty)

AAP

Mon, 19 Aug 2024

By Marion RaeBig emitter BlueScope Steel has warned of tough conditions as it absorbs higher electricity costs and stalling demand from China's electric car giants.The steel producer on Monday reported a net profit of A$805.7 million (NZ$888.5m) for the year to June 30, down from A$1 billion a year earlier.In Australia, underlying earnings fell 30% to A$376.9m on softer building and construction activity, and higher costs as housing approvals contracted and a backlog of orders was worked through.But managing director Mark Vassella said unde...

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