Sandon Capital believed BlueScope Steel was the cheapest steel company in the world and published a presentation outlining this investment thesis. Sandon also put five questions to BlueScope for consideration.
BlueScope announced that they expect to achieve more than $200m in operational savings at Port Kembla.
BlueScope announced the acquisition of Cargill’s 50% share of North Star BlueScope Steel LLC for US$720m.
BlueScope announced it expected December half EBIT of $230m, well above prior guidance ($180m) and the prior corresponding period ($171m).
BlueScope announced it expected 2HFY16 EBIT to be up to 60% higher than 2HFY15 EBIT ($131m).
BlueScope announced it expected 2HFY16 EBIT to be 30% higher than its previous guidance ($209m).
BSL announced that it expected 2HFY16 EBIT to be $340m, more than 25% above the guidance for $270m provided only six weeks earlier. The company also announced that it expects net debt at 30 June to be reduced by almost $600m from that reported at 31 December 2015. This continues the steady stream of good news from the company since we went public with our presentation in June 2015.