Reported about 15 hours ago
Australian steel manufacturer BlueScope reported a staggering 90% decline in annual profit, attributing the plunge to complex U.S. tariffs that decreased demand and led to a significant writedown of its U.S. metal coatings division. Despite the downturn, the company remains optimistic about future earnings growth, expecting better profit margins in the upcoming financial year. However, their underlying profit halved, and shares dropped 5% following the announcement.
Source: YAHOO