Australia's BlueScope Steel declines most in four months on bleak outlook, H1 results

BSL

18/02/2024 23:47

** Shares of BlueScope Steel  BSL.AX  fall as much as 4.5%
to A$21.830, their worst intraday pct drop since mid-October 
    ** BSL stock among top 10 losers in the ASX 200 benchmark
index  .AXJO 
    ** Co's 1H24 underlying NPAT slips 23% to A$473.7 mln
($309.47 mln), dented by lower steel spreads and higher costs
    ** Sales revenue declines 8% to A$8.54 bln in 1H24 due to
lower selling prices and low despatch volumes
    ** Co forecasts 2H24 underlying EBIT between A$620 mln and
A$690 mln, below 1H24 underlying EBIT of A$718.4 mln
    ** Announces interim dividend of A$0.25 per share, and a
buyback plan of up to A$400 mln over the next year
    ** Citi says "commentary around softening in Australia
domestic market may be a cause for concern for market"
    ** BSL stock down 2.4% this year, as of last close

   ($1 = 1.5307 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))