BlueScope raises 2HFY2023 earnings guidance to AU$700 million - AU$770 million

BlueScope Steel Limited (ASX: BSL) has announced that it has raised its earnings guidance for the second half of fiscal year 2023 to between AU$700 million and AU$770 million, up from the previous estimate of AU$480 million to AU$550 million. CEO Mark Vassella praised the dedication of BlueScope employees and the loyalty of customers for the company's strong performance.

The improved outlook is due in large part to North Star, BlueScope's US mini-mill, which is expected to report a result about 50% higher than in the first half of FY2023, largely thanks to higher hot rolled coil prices and spreads. The North America coated products business and Australian Steel Products have also exceeded expectations due to favorable market conditions.

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