BlueScope Steel Declares Withdrawal of H2 FY2020 Earnings Outlook

Earlier in February this year, the company had guided for a stable underlying earnings before interest and tax in 2H FY2020 at $302.4 million.

SEATTLE (Scrap Monster): BlueScope Steel Limited announced its decision to withdraw its earnings guidance for H2 FY 2020, due to unprecedented markets conditions caused by spread of coronavirus epidemic across the world and subsequent global economic uncertainties.

The company press release noted that the restrictive measures adopted by various governments over the past few weeks to contain the rapidly spreading virus have resulted in a huge drop in sentiments and economic outlook. The national shutdown in Malaysia has led to unexpected business interruption. The automakers’ surprise decision to temporarily cease production is likely to have notable impact on despatch volumes from the region.

ALSO READ:

BlueScope Steel Evaluates $700M Investment in U.S. Mills

BlueScope Steel Updates on Progress of NorthStar Mini-mill Expansion

Earlier in February this year, the company had guided for a stable underlying earnings before interest and tax in 2H FY2020 at $302.4 million.

Commenting on the decision, Mark Vassella, Managing Director and CEO, BlueScope Limited said that the safety and wellbeing of all its employees is the most important priority for the company. All the business units have already implemented necessary measures to reduce the chances of virus transmissions in the workplace. The company is in a strong position to withstand these uncertain times, he added.

• County Commissioners Approve Contract Extension to Continue Electronic Waste Recycling
• Barrick Gold Seeks Fair Resolution of Mali Dispute Through Arbitration
• December 18, 2024: Scrap Gold, Silver and Platinum Prices Dipped on the Index
• December 18, 2024: Chinese Scrap Metal Prices Declined on the Index