Bluescope Steel increases earnings guidance on strong US steel growth

The Australian steel producer on Monday increased its earnings guidance to between $700 million and $770m for the second half of the financial year, flagging its North Star mini-mill in the US would see a 50 per cent jump in earnings compared to the first half of the year.

Its an uplift of 40 to 45 per cent on Bluescope’s initial earnings before tax and interest guidance for the period which stood at $480m to $550m.

The company noted the increase particularly at North Star was being driven by stronger-than-expected prices and spreads for hot rolled coils.