The below was indicated by the about to depart CEO. (Most...

The below was indicated by the about to depart CEO. (Most investors are aware of the fact that the CEO expects the result for the next six months to be lower as he has indicated below. It is a well known fact that Chinese steel production and steel exports are still increasing.)

Industry and Company Outlook
"Global demand for steel products is at record levels, strong economic performance and significant investments in capital goods and infrastructure, particularly in emerging economies, is driving demand for steel to over 100M tonnes per month. Growth in steel production in China is slowing and further rationalisation is expected as the Chinese government steps up its closure of uneconomic mills. Many steel companies are backward integrating into raw materials. Consolidation in the global steel industry is expected to continue.

"We do not currently expect our second-half financial result to be as strong as the first-half. Second-half average prices for hot rolled coil and slab globally are expected to be moderately lower than first-half average prices. In North America, although scrap costs are rising and demand in the automotive and housing sectors is softening, we expect overall steel demand to slightly improve late in the second-half. Our Asian business had a strong improvement in its first-half performance. Our Thailand business will experience greater pressure in the second-half primarily due to market uncertainty. In Australia, the construction market is expected to remain strong, while weakness will continue in the automotive and manufacturing sectors. A strengthening in the Australian dollar may affect domestic sales volumes.

"Despite these issues, we expect the full-year financial results to be a significant improvement over the previous year and another step forward in the growth of BlueScope Steel."