News: BSL BlueScope Steel Says Cancelled On-Market Share Buy-Back Program

April 7 (Reuters) - BlueScope Steel Ltd (BSL) :

• AT 31 DECEMBER 2019 NET DEBT WAS $47 MILLION
• EXPECTS TOTAL CAPITAL EXPENDITURE OF $200 MILLION DURING 2H FY2020, REFLECTING A REDUCTION OF $40 MILLION VERSUS FEB 2020 GUIDANCE
• CANCELLED ON-MARKET SHARE BUY-BACK PROGRAM
• OPERATIONS IN MALAYSIA & INDIA TEMPORARILY CLOSED AS OF 25 MARCH, NZ STEEL OPERATIONS SHUTDOWN FOR FOUR WEEKS
• H2 FY2020 PROJECT SPEND IS EXPECTED TO BE ABOUT US$90-100 MILLION
• AT 31 DECEMBER 2019 AVAILABLE LIQUIDITY WAS $2.5 BILLION
• UNLIKELY TO INITIATE FURTHER BUY-BACKS UNTIL THERE IS IMPROVEMENT IN BUSINESS CONDITIONS ACROSS KEY MARKETS
• FY2021 CAPITAL EXPENDITURE IS ANTICIPATED TO BE IN RANGE OF $200 MILLION TO $250 MILLION
• ALL NON-ESSENTIAL OPERATIONAL SPEND IS BEING PAUSED
• RESCHEDULED NORTH STAR EXPANSION PROJECT, CONSTRUCTION & INSTALLATION PROGRAMS RESCHEDULED FOR NEXT 6 MNTHS
• PRE-EMPTIVE STEPS TO BOLSTER FINANCIAL STRENGTH DUE TO GLOBAL ECONOMIC UNCERTAINTY CAUSED BY SPREAD OF COVID-19

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