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BlueScope Steel ups H2'18 earnings guidance to A$680M on higher steel spreads

BlueScope Steel Ltd. said May 15 that it expects its underlying EBIT for the second half ending June 30 to be around A$680 million, compared to the previous guidance of A$606 million.

The company attributed the improvement to continued strong performance at its North Star mini-mill in Ohio on higher realized steel spreads. In addition, its Australian steel products division's performed moderately better than expectations, including higher margins on export coke sales.

In the first half of fiscal 2018, net profit jumped 23% yearly to A$441.2 million, or 78.6 cents per share. The steelmaker will release its guidance for the first half of fiscal 2019, together with its results in the second half of its fiscal 2018, in August.