Australia's BlueScope Steel posts $570M loss

Australia's BlueScope Steel posts $570 million loss for 6 months through December 2011

Associated Press

SYDNEY (AP) -- BlueScope Steel Ltd., Australia's largest steel producer, has reported a 530 million Australian dollar ($570 million) first-half net loss.

The result posted Monday for the six months through December 2011 is nearly 10 times larger than the AU$55 million loss for the same period a year earlier.

The company says it included one-off restructuring costs of AU$260 million, impairment of deferred tax assets (AU$184 million) and income advanced under the federal government's Steel Transformation Plan (AU$46 million).

BlueScope Steel managing director Paul O'Malley says the company is on track to deliver a full-year working capital release of AU$400 million to AU$500 million and has initiatives for further debt reduction.

(This version CORRECTS APNewsNow. Corrects company name in paragraph 1, headlines)

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