Steel Mills
North Star Bluescope Steel Delivers Strong Results for FY 2015
Written by Sandy Williams
August 24, 2015
Bluescope Steel, which owns a 50 percent share of joint venture North Star Bluescope Steel, reported strong results for North Star in FY 2015.
Hot rolled product sales were AUD $762.6 million on higher volumes and favorable AUD:USD exchange rate for fiscal year 2015 (based on 50 percent share). The company kept a consistent 100 percent utilization throughout the year. Hot rolled product shipments for its share of the joint venture, totaled 508,000 tonnes in 2H 2015, compared to 501,000 tonnes in 1H, for a total of 1,009,000 tonnes for full FY 2015. Production increased 2 percent to 1,030,600 tonnes for the year. EBIT for the for the 50 percent share was AUD 107.3 million (US $77.3 million).
Extrapolating the figures times two to account for the joint venture share, North Star Bluescope total shipments are assumed to be 2.18 million tonnes (2.4 million tons) for FY 2015 and 1.16 million tonnes (1.28 million tons) for 2H 2015. EBIT would correspondingly total approximately AUD $214.6 for the entire year (US $154.7 million).
“In our North Star joint venture, we operate arguably the highest performing steel plant in the U.S.,” said BlueScope Chairman, Graham Kraehe in the earnings report.
North Star is expected to continue at its full production rate in the first half of FY 2016 with similar margin spreads to the second half of 2015.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
USW says opposing USS/Nippon deal is First Amendment right, seeks lawsuit dismissal
The union says the suit is "a frivolous and unsubstantiated attack on our union simply for exercising our First Amendment rights."
AISI: Weekly raw steel output ticks higher
The volume of raw steel produced by US mills slightly increased last week, according to American Iron and Steel Institute (AISI) data. Last week’s production rate represents the second-highest level recorded this year.
Opening briefs filed in Nippon/USS lawsuit vs. US government
Together, Nippon Steel, Nippon Steel North America, and U.S. Steel announced the filing of their opening brief in their litigation to invalidate the government’s decision to block their announced merger. The brief lays out “how President Biden made a predetermined decision for political reasons, not national security, causing CFIUS to engage in a sham review […]
Cliffs blames muted auto demand for steep losses in 2024
Muted demand from the auto industry took a particular toll later in the year.
U.S. Steel losses widen, better times seen as BR2 ramp-up continues
U.S. Steel’s losses widened in the fourth quarter on lower steel prices, weaker demand, and startup costs relating to the expansion of its Big River Steel EAF sheet mill in Arkansas. But the Pittsburgh-based steelmaker said it expected results to improve in 2025 as Big River 2 – the project to double capacity at the Osceola, Ark., mill - gains steam.