Hotter coal prices squeeze NZ Steel margins

There are plans for a new electric arc furnace at NZ Steel's Glenbrook steel mill. (Image: NZME)

Mon, 21 Aug 2023

BlueScope’s New Zealand Steel division was squeezed by rising coal prices and softer demand in the construction sector as its annual earnings more than halved. The NZ and Pacific Islands arm of the Australian stock exchange-listed steel company reported earnings before interest and tax (Ebit) of A$128.6 million (NZ$139m) in the 12 months ended June 30, less than half the A$265.4m a year earlier. The 2022 June year was the standout of the division over the past decade. It has notched up triple-figure earnings three years running,...

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