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The group’s earnings have been struck hard by the high Australian dollar, low steel prices, strong raw material costs and softer demand, realising debts exceeding $1 billion.
In positive news, the firm revealed the sale of Metlspan, Bluescope’s North American steel insulated panels business to NCI Group is on track and expected to close by 30 June 2012.
Net proceeds to the tune of US$117 million are expected.
Bluescope also revealed that a restructuring of cash costs for the second half of the financial year 2012 will be at the lower end of the $120 million to $140 million range.
The release of working capital is expected to be at the higher end of the $400 million to $500 million range.
The company said that it had no plans for equity raising.
This article first appeared in ILN's sister publication ConstructionIndustryNews.net.
