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BlueScope Steel expects to beat fiscal H2'16 EBIT guidance

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BlueScope Steel expects to beat fiscal H2'16 EBIT guidance

BlueScopeSteel Ltd. expects its preliminary unaudited underlying earningsbefore interest and tax for the fiscal year ended June 30 to be about A$570million.

The underlying EBIT in the second half of the year isexpected to be about A$340 million, compared to the revised of about A$270 million, on theback of higher margins across the company's international businesses, and theturnaround in Asian region steel prices.

Preliminary unaudited net debt at June 30 is expected to beabout A$780 million, the company said July 14, adding that the reduction ofabout A$593 million from Dec. 31, 2015, was primarily driven by strongoperating cash flow.

Full-year results for BlueScope will be released Aug. 22, itsaid.