Glad I took a 20% profit and left BSL a while ago.BlueScope...

Glad I took a 20% profit and left BSL a while ago.


BlueScope Steel Expects Profit A$0.85-A$1 Per Share (Update3)

Nov. 4 (Bloomberg) -- BlueScope Steel Ltd., Australia's biggest steelmaker, said full-year earnings may fall as much as 38 percent as rising inventories curb prices and after a fire at its Western Port plant. The shares fell as much as 18.9 percent.

Earnings may be between 85 Australian cents ($0.63) a share and A$1 a share in the year ending June 30, Melbourne-based BlueScope said today in a statement to the Australian Stock Exchange. Profit a year earlier was A$1.374 a share.

Steel prices may fall as much as 27 percent next year as rising output from China, which accounts for about one-third of production, causes a glut, ABN Amro Holding NV analyst Michael Sones said Oct. 11.

``An unexpected feature of the trading period to date has been the adverse effect of the global inventory overhang felt in most markets, but particularly so in Asian markets,'' BlueScope said in the statement.

BlueScope shares fell as much as A$1.64, or 18.9 percent, to A$7.05 on the exchange. The stock traded at A$7.25 at 10:05 a.m. Sydney time.