Australian steelmaker BlueScope Steel has announced that it has completed its US$700 million expansion project at North Star facility, enabling it to increase its earnings guidance.
The expansion has created more than 100 new jobs and will increase annual hot rolled coil production by 850,000 mt. The company will produce the first slab next month.
BlueScope expects underlying earnings before interest and tax for the second half of the financial year 2021-22 to be in the range of $1.37-1.47 billion, compared to $1.2-1.35 billion in the previous guidance.