The company said it is now projecting that underlying earnings before interest and tax will be between AU$1 billion and AU$1.08 billion, up from the previous range of AU$750 million to AU$830 million. 

The company issued its previous forecast and February, and since then, benchmark U.S. Midwest hot-rolled coil prices have risen AU$250 metric ton, resulting in better-than-expected metal spreads.

Prices aside, the company said its North Star mill remains on track to start its expanded meltshop next year. 

Meanwhile in Australia, the company’s steel products unit there also is benefitting from improved steel spreads in domestic and export markets.   

“In addition, domestic (shipments) are currently tracking ahead of our expectations — particularly for higher value products in the building and construction sector,” the company said.