Australian steelmaker BlueScope Steel has posted a net profit of AU$715.9 million for the financial year 2016-17 ended on June 30, compared to a net profit of AU$353.8 million in the previous financial year.
BlueScope's sales revenues increased by 17 percent year on year to AU$10.62 billion, due to 100 percent ownership of North Star from the end of October 2015 and higher domestic and export prices and stronger domestic demand at its Australian Steel Products (ASP) division.
BlueScope’s CEO Paul O’Malley stated that the company’s strategic initiatives implemented in the last two years are delivering strong cash flow, with free cash flow totaling AU$749.3 million for the year, up 17 percent year on year, while net debt was reduced to AU$232.2 million.