BlueScope profits surge, eye on climate | Ralph-Lauren

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Steelmaker BlueScope has reported a 78 per cent increase in its half year profit, while announcing a chief executive for climate change within the group.

Its managing director and CEO Mark Vassella said all operating segments of the company had performed well in the first six months of its financial year.

“We have seen strong volumes and improving steel spreads in our largest steelmaking business in Australia and the US,” he said releasing the results on Monday.

“Across the portfolio from India, ASEAN, China, the US and NZ and Pacific islands, our businesses recorded strong earnings improvements.”

BlueScope announced a net profit after tax of $330.3 billion, up 78 per cent on the first six months of the year.

The board approved an interim dividend of six cents per share, in line with last year.

Mr Vassella also announced the establishment of a new executive in its leadership team, appointing Gretta Stephens as chief executive for climate change.

“In recent years we have built climate change into our corporate strategy, recognising that addressing climate change is essential to our long-term success and have publicly stated our commitment to taking action on carbon emissions,” he said.

“We recognise that the future of iron and steelmaking will need to be centred around breakthrough technologies – once proven and scalable.”

He said exciting work was already being undertaken around the globe to explore breakthrough “green steel” ironmaking technologies, including using hydrogen and electrolysis.

BlueScope expects to make further announcements about its plans during this calendar year, together with an updated climate scenario analysis and long-term carbon emission reduction plan.

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