Bluescope Steel expects an 80pc increase in its underlying earnings (EBIT) in H2 FY2021 ending December 31, 2020 to $475mn, compared with H2 FY2020. The company had previously expected gross earning in the first half of next year to increase by 30pc.
In the US, Bluescope noted that the demand from the automotive sector is improving and it is now shipping material to this industry at full capacity. That said, the company does expect the EBIT in H1 FY2021 to be lower than H2 FY2020 owing to pricing lags in the sales mix, it said in a statement on Nov 19.