BlueScope Steel Updates on Ramp-Up of North Star, Ohio Plant

SEATTLE (Scrap Monster): BlueScope Steel announced first-half results of FY2024. The steelmaker reported notable progress on various key projects. The ongoing ramp-up of the North Star, U.S. project is nearing a full run-rate. The recycling business too has performed well during the six-month period, it noted.

ALSO READ:

BlueScope Unveiled Master Plan to Develop Surplus Land at Kembla Steelworks

BlueScope Steel Unveiled Smart Solutions to Push Sustainability Efforts

According to the company press release, it reported net profit after tax (NPAT) of $287 million in H1 FY2024, which is 6.6% higher when compared with the NPAT for the prior six-month period. The underlying EBIT of $258 million was down by 2% from H2 FY2023. Meantime, the underlying EBIT of North America, at $417 million, was down 15% year-on-year.

Mark Vassella, CEO and Managing Director, BlueScope Steel cited the U.S. as an exciting growth region for the company, where it foresees strong demand for steel in the near term. The ramp-up activities of North Star facility in Ohio is on track, with investments focused on the plant’s expansion and debottlenecking. The company plans to expand and integrate its U.S. value chain through potential addition of cold rolling and metal coating capacity, Vasella noted.

BlueScope Steel expects the second half of its 2024 fiscal year to report slightly lower results than H1 FY2024, mainly on account of soft steel spreads in the Asian region.