Steel Mills
BlueScope Raises Guidance
Written by Sandy Williams
April 27, 2021
Australian steel producer BlueScope has raised its earnings guidance for 2H FY2021 to an earnings range between AUD $1 billion and $1.8 billion from the previous range of $750 million to $830 million. The boost in earnings is due in large part to the performance of North Star BlueScope, the company’s U.S. division in Ohio.
HRC prices have skyrocketed since the original outlook was published in February and are now more than $250 per metric ton higher, resulting in stronger spreads benefiting North Star’s specific sales mix. BlueScope added that the expansion at North Star remains on track for commissioning during the second half of FY 2022.
BlueScope is also seeing stronger shipment volumes in its Australian Steel Products division, particularly in the building and construction sector. The division is benefiting from improved domestic and export steel spreads.
Building Products will also show improved earnings results from the previous half year due to expanding margins in the North American coated business driven by rapidly rising steel prices. Favorable margins will also result in an improved performance by the ASEAN division, the company said.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant
ArcelorMittal’s EAF in Alabama expects first heat in Q2
The facility at AMNS Calvert will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material.
Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.
SSAB reports higher production, shipments
But profits slipped vs. last year.
Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.