NZ Steel earnings drop 82%

Mon, 24 Feb 2020

BlueScope Steel’s New Zealand business reported an 82 percent drop in first-half operating earnings due to low prices for steel and vanadium.Sales revenue for the business, which includes BlueScope’s Pacific Island operations, fell to A$420.3 million for the six months to Dec. 31, down 9 percent from a year earlier.As well as weaker vanadium prices and lower regional steel prices, the company said poor weather and lower infrastructure spending had also reduced domestic volumes of long products – typically wire, reinforcing and beams.Earnings be...

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