The recent spate of positive annual general meeting results continued today, with steel manufacturer BlueScope delivering results in line with expectations for the first four months of financial year 2008.
"The first four months of this year has been in line with expectation and consistent with our comments in August at the annual results presentation," chairman Graham Kraehe.
The company said strong operational performance across all businesses and a positive contribution to earnings from the sale of its Smorgon Steel shares helped boost the result.
Kraehe added the Asian businesses continue to produce stable earnings.
"Indonesia continues to perform well."
"The Thai election, scheduled for December, should see improved business sentiment and stronger construction activity in the second half in Thailand," he added.
But the financial performance of new midstream operations in China had been affected by margin pressures and intense competition.
At his first AGM as managing director, Paul O'Malley said:
"Factors that could have a bearing on our second half results are the potential for stronger global steel prices and improving domestic sales versus the continued strong Australian dollar and a return to higher zinc costs.
O'Malley said he will address the market on 29th November regarding the company's new approach to doing business.
BlueScope added 47 cents or 4.9% to $10.07.
