Business
BlueScope Steel profit plunges 91%, writes down NZ arm – Sydney Morning Herald
Australia’s biggest steelmaker, BlueScope, has reported a 91 per cent fall in its full year statutory net profit to $96.5 million.
Australia’s biggest steelmaker, BlueScope, has reported a 91 per cent fall in its statutory net profit to $96.5 million, due to a $197 million non-cash write-down of its New Zealand division and declining steel profitability during the year.
The company flagged redundancies and cost-cutting at its New Zealand operations and warned in the future it could be forced to cease steelmaking at its Glenbrook, New Zealand facility.
In its 2019-20 financial year results released before the market opened…
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