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Shares in BlueScope Steel Limited (ASX:BSL) have risen in morning trade after the company announced it has rebounded to a first half profit and affirmed its confidence in achieving future earnings growth.
The steelmaker’s interim result flipped to a net profit of $3.7 million in the last six months of 2013 from a loss of $23.8 million the year before. First half underlying profit came in at $49.1 million which the company expects will be similar in the second half.
Managing Director Paul O’Malley says the business has stabilised and foundations and measured investments have been made while maintaining a conservative balance sheet.
Looking ahead BlueScope has advised the acquisition of the Fielders and Orrcon businesses is nearing completion. The company also expects Australia’s competition regulator to make a decision on the acquisition of Arrium’s (ASX:ARI) OneSteel sheet and coil processing and distribution assets by March 6, 2014.
BlueScope has declined to pay an interim dividend.
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