Strong first half results expected and Board commits to maintain interim dividend at 22 cents per share, fully franked
BlueScope Steel today advised shareholders at its AGM in Sydney that the Company is heading for a strong first half profit performance based on a first quarter FY09 unaudited underlying Net Profit After Tax of $430 million.
BlueScope Steel Chairman, Mr Graham Kraehe AO, said, "This strong performance is mainly due to improved earnings contribution from the recent acquisitions, high global steel prices, and continued strong Australian sales."
Mr Kraehe confirmed the view outlined in BlueScope Steel's 30 October Market Update that investors should look beyond the short term for underlying drivers of steel growth and said, "While we can be pleased with this early performance, in the second half of this financial year we see a challenging market with higher raw material costs and softer steel demand globally."
Mr Kraehe said, "Barring unforeseen circumstances, the Board intends to maintain the interim dividend at 22 cents per share, fully franked. Our dividend plan is based on strong FY08 and first quarter FY09 performance."
Managing Director and CEO, Mr Paul O'Malley, said, "While BlueScope expects the significant pressures in the world economy to impact second half results, investors should look beyond the short term for underlying drivers of steel growth. A range of independent data points to the ongoing urbanisation and industrialisation in China. These factors will continue to underpin the principal drivers of growth and they still have a long way to run."
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