By Mike Cherney
SYDNEY–Australia-based BlueScope Steel cut its earnings guidance for the first half of the 2024 fiscal year, amid softer than expected benchmark steel prices and spreads in the U.S.
The company said it now expects underlying earnings before interest and tax to be in the range of 620 million to 670 million Australian dollars (US$392 million to US$424 million), down from the prior range of A$700 million to A$770 million.
BlueScope said the key driver of the revision is U.S. unit North Star. It said mini-mill benchmark spreads are now expected around US$100/t lower than the last half.
BlueScope said a sale by U.S.-based Bluescope Properties Group had been delayed and would now close in the second half of fiscal year 2024.
The company said all other reporting segments are expected to perform broadly in line with prior guidance.
Write to Mike Cherney at mike.cherney@wsj.com
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