BlueScope has increased its expected before-tax profit by more than $50 million.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The Port Kembla steelmaker had previously stated it was expecting a half-year profit of $475 million before interest and taxes.
Recently, it upped that assessment by $55 million to $530 million.
"All operating segments have performed well across the half," said BlueScope CEO Mark Vassella.
"We have seen strong volumes and improving steel spreads in our largest steelmaking business in Australia and the US, along with strong earnings improvements from our other businesses."
Mr Vassella said the change in guidance from November 19 was due to an increase in steel spreads - the cost of raw materials compared to the sale price of finished steel.
The wider the gap, the better it is for BlueScope.
The Australia Steel Products division, which includes Port Kembla, improved on its figures from the second half of the previous financial year.
Also, the steelmaker had the strongest domestic mill sales volumes in a decade at around 1175 kilotonnes.
IN OTHER NEWS: