Steel Mills
BlueScope Guides to Solid Results for 2H FY 2020
Written by Sandy Williams
July 17, 2020
Australian steel producer BlueScope expects strong financial results for the second half of FY2020 ending June 30.
“Some BlueScope businesses have been impacted by government mandated and customer closures, but in general business conditions have been better than expected – driven primarily by continuing building and construction demand in key markets,” said the company in a business update.
U.S. division North Star BlueScope saw weak demand in the second half due to auto shutdowns from mid-March to mid-May resulting in downward pressure on realized prices and spread. Average capacity utilization, however, remained above 90 percent.
Buildings North America shipments decreased due to slowing demand and COVID-19-related project delays during the second half.
BlueScope expects EBIT for full-year 2020 to be around $560 million with $260 million generated in the second half. Managing Director and CEO Mark Vasella noted a “high level of uncertainty in BlueScope’s key markets at the start of FY 2021 due to the pandemic and weaker steel spreads.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nippon plans to double steel output at USS operations: Report
Now that it has acquired U.S. Steel, Nippon Steel is planning a significant expansion of its US operations, including the construction of a new mill and more than doubling its steel output.
Algoma fires up EAF steelmaking with first arc
Algoma Steel reached a milestone in its transformation from blast furnace to electric arc furnace (EAF) steelmaking, with its Unit One EAF achieving its first steel production this week.
Nucor holds HR list price at $910/ton
Nucor is keeping its list price for spot hot-rolled coil unchanged after last week’s shortened holiday week.
Cliffs unveils new hydrogen-powered stainless line in Ohio
CEO Lourenco Goncalves, flanked by state leaders and union reps, touted the project as proof that US manufacturing is not only alive, but also advancing.
Cliffs idles Steelton, Riverdale, and Conshohocken operations
Cliffs has idled facilities in Riverdale, Ill., and Conshohocken and Steelton, Pa.