Higher energy costs and dollar knock NZ Steel FY2012 earnings

Mon, 20 Aug 2012

By Patrick Smellie Aug. 20 (BusinessDesk) - The strength of the New Zealand dollar against the greenback and higher utility costs are the primary reasons given for a 21 percent fall in reported earnings before interest and tax at the local unit of the Australian steel maker Bluescope, despite a 12 percent increase in total revenue. New Zealand Steel and Pacific Steel Products reported ebit of A$65 million in the year to June 30, compared with A$82 million the previous year, according to segment accounts released by the parent company to the A...

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