A $1 billion-plus expansion of the North Star steel mill in Ohio has come on stream at the right time to meet soaring demand from car makers.
BlueScope says the North Star mill in Ohio has been the biggest driver of the profit upgrade for the June half, with the company now expecting underlying EBIT of $700m to $770m.
Chief executive Mark Vassella said the North Star steel mill in Ohio was in a sweet spot because the group is making gains from extra capacity afterThe North Star steel mill in Ohio has been a big winner for BlueScope. He also said the group’s United States coated steel products business was producing better margins than expected. In Australia, where the company operates the Port Kembla steelworks in NSW, selling prices had strengthened even though volumes were likely to be broadly similar in the June half compared with the December half.
“This has been driven by stronger than expected hot-rolled coil prices and spreads, including the benefit of higher spreads on the volume from the ongoing ramp up of the expansion,” he said.
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