NZ Steel in A$100M profit turnaround, future more secure

Sun, 20 Aug 2017

By Pattrick Smellie Aug. 21 (BusinessDesk) - Australian-owned New Zealand Steel achieved a A$100 million turnaround in underlying operating earnings in the year to June 30, following two years of deep cost-cutting, the sale of its Taharoa ironsands business, and a focus on domestic over export sales. Underlying earnings before interest and tax came in at A$61.1 million for the year, compared with a A$40.3 million loss in the 2016 financial year, despite a fall in total steel despatched from 697,100 tonnes the previous year to 604,900 tonn...

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