Bluescope profits slump 66 per cent

BLUESCOPE Steel announced a $338 million net profit after tax, 66 per cent lower than last year. Bluescope managing director and CEO Kirby Adams labelled the company’s performance as "understandable, but unsatisfactory", highlighting that higher iron ore and coal costs, lower commodity steel pricing and a strong Australian dollar have created a challenging environment for the company. The company announced a total ordinary fully franked dividend of 44 cents per share, a 5 per cent increase on the 2005 financial year.


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