Job cuts at Port Kembla have not been a big contributor to an expected $70 million boost to BlueScope’s bottom line in the second half of the financial year.
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And the Port Kembla plant may still be in the red.
In May, the steelmaker announced it expected to make around $270 in the second half of the year.
Late last week, that expectation was boosted to $340 million ahead of the company’s release of its financial results on August 22.
It is understood the job cuts at BlueScope were a big contributor to the initial $270 million prediction but “international and external factors” were responsible for the late profit jump of $70 million.
The Port Kembla plant was not operating at a profit at the time of the May announcement.
The origin of the $70 million surge suggests that situation has not changed.