BlueScope reported a $1,044 million net loss after tax (NLAT) for FY2012. This compares with a $1,054 million reported NLAT in FY2011.

The reported NLAT includes an impairment charge of $315 million, as foreshadowed last week.

Underlying NLAT1 for FY2012 was $238 million. This compares to an underlying NLAT of $127 million in FY2011.

Net debt was reduced to $384 million or approximately $580 million, adjusting for favourable timing of year end cashflows.

BlueScope’s Managing Director and CEO, Mr Paul O’Malley said, "FY2012 was a transforming year, we delivered what we promised. Net debt is lower than forecast. Our Australian businesses are expected to be EBITDA positive in FY2013, and globally we are now well positioned for growth."

BlueScope is now structured into four main businesses: BlueScope Building Products; BlueScope Global Building Solutions; BlueScope Australia and New Zealand and in the U.S., North Star BlueScope Steel.

BlueScope’s Building Products business, across ASEAN and the U.S., will be incorporated in the new US$1.36 billion NS BlueScope Coated Products joint venture with Nippon Steel Corporation. It will provide a stronger platform to capture growth in new market segments. The net proceeds of approximately US$540 million from Nippon Steel’s 50% investment will afford BlueScope further financial flexibility and balance sheet strength to grow businesses that deliver strong returns.

The Global Building Solutions business is well-placed to capture opportunities in the world’s largest and fastest growing non-residential construction markets with the potential to double current revenue of $1.45 billion within three years, the company said.

BlueScope in Australia is delivering its turnaround. New Zealand Steel continues to be profitable and its iron sands export capability is on track to double within two years.

In the US, the North Star BlueScope Steel business will concentrate on continuing its good operational performance and accelerating specific growth opportunities, said Mr. O’Malley.

For the 1HFY2013, Bluescope expects a continued improvement in financial performance with an underlying net after tax loss (before period-end net realizable value adjustments) approaching breakeven (subject to spread, FX and market conditions). "In FY2013, total capital expenditure for the group is expected to be approximately $300 million with a third to be invested on growth projects," said Mr. O’Malley.

BlueScope Steel specializes in the production of flat steel products, including slab, hot rolled coil, cold rolled coil, plate and value-added metallic coated and painted steel solutions. Its steelworks at Port Kembla in New South Wales is the largest steel production facility in Australia and one of the world’s lowest-cost producers of steel products.

Within Australia, the BlueScope Lysaght business rollforms and supplies a range of steel building products, including roof and wall cladding, steel house framing, rainwater products such as guttering and downpipes, fencing, structural products such as purlins and flooring systems, meshes and walkways, and home improvement products.

BlueScope Steel operates the only integrated flat products steelworks in New Zealand.

In North American markets, the company is well known for its outstanding range of steel products including premium quality hot rolled coil from its 50% JV in North Star BlueScope Steel, Steelscape’s range of high quality metallic coated and painted steels such as Z-NAL®, TruZinc® and SPECTRASCAPE® steels, Butler Manufacturing and VP Building’s range of customised steel pre-engineered buildings for the non-residential market, including self storage warehouses as well as framing and cladding systems, ASC Profiles’ range of innovative steel building components and Metl-Span’s market leading range of insulated steel panels.

Metallic coating and painting plants are located in Australia, New Zealand, China, Thailand, Malaysia, Vietnam and Indonesia. These facilities are complemented by a network of roll-forming facilities across the Asia Pacific region that are unmatched by any other steel company.