BlueScope Steel has dramatically reduced the size of its losses after closing a blast furnace, exiting export markets and slashing hundreds of jobs.
The steelmaker posted a net loss of $12 million for the half-year to December 31 2012, down from a $530 million loss in the equivalent period a year earlier.The company also made an underlying profit - which excludes one-off costs and write-downs - of $10 million, which BlueScope says exceeded its previous forecasts.BlueScope says the turnaround reflects lower costs associated with cutting back production, and discontinuing loss-making exports.It says its Australian coated and industrial products division delivered a promising $79 million in pre-tax earnings despite difficult trading conditions.The company says those difficulties included dumped imports, but it is expecting Federal Government reforms announced in December will partially stem the illegal dumping of cheap imports.
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