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.
The steelmaker, which operates the Port Kembla steel mill in NSW, has just completed a $1 billion-plus expansion of the North Star mill which has enabled it to benefit further from higher prices.
BlueScope has more than $5 billion in assets in North America and employs 4,000 people across the continent.
BlueScope has upgraded its June half profit forecast by 40 to 45 per cent, as its US steel mill in Ohio benefits from higher prices and strong demand.
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 after a $1 billion-plus expansion of the mill.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
