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BlueScope Steel raises H1'18 underlying EBIT outlook

BlueScope Steel Ltd. expects its underlying EBIT for the six months ended Dec. 31 to be around A$460 million, compared to previous guidance of A$420 million, it said Dec. 21.

The company attributed the improvement to higher steel prices and domestic volumes, higher contribution from export coke and improved productivity, as well as the recognition of previously impaired taxes at its Indian joint venture.

In the light of the recent approval of the tax reform package by the U.S. Congress, BlueScope expects its U.S. earnings to benefit from a lower federal tax rate, with an anticipated 7% decrease in fiscal 2018 and 11% decrease thereafter.

The benefit will, however, be offset by a toll change on foreign earnings which is not expected to be material, the company noted.