BlueScope Steel Ltd (ASX:BSL) has reported a jump in net profit after tax to $126 million for the 12 months to June 30.
The company has rebounded from a loss of $192 million for the year before and has also decided to reinstate dividends.
The metals producer accredited the strength of its Asian businesses for the result, earnings before interest and tax recording $116 million in growth for the 2010 financial year, up from a $21 million loss for the same time in 2009.
Managing Director and CEO Paul O'Malley says given the challenging business environment of the year he is pleased with the improvement in overall business performance.
Mr O'Malley says Asian businesses delivered an outstanding improvement while Australia experienced increased demand.
A five cent fully franked ordinary dividend has been declared.
BlueScope Steel reported a loss of $66.4 million for the year to 30 June 2009.
BSL Price at posting:
$1.97 Sentiment: None Disclosure: Held
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