BlueScope Posts Record Profits, North Star Benefits from Ballooning Spreads

BlueScope Steel Ltd. posted record earnings in its 2021 fiscal year thanks to strong demand and record metal spreads.

All told, the Australian steelmaker – the parent company of Delta, Ohio-based North Star BlueScope – recorded net profit of Australian $1.19 billion ($870 million U.S.) in its fiscal year ended June 30, 2021, up more than 12-fold from A$96.5 million ($70.8 million) in fiscal 2020.

Michael Cowden

Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.