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
CMC Q4 profits rise on improved market conditions
CMC reported higher net earnings in its fiscal fourth quarter on "better market conditions" across its segments.
AISI: Raw steel production drops to multi-month low
After being historically strong for more than four months, US raw steel production fell for a second week.
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.