Dollar blamed for result

Market weakness and a high New Zealand dollar have been blamed for a weaker contribution from NZ and Pacific Steel in Australian Securities Exchange- listed BlueScope Steel's half-yearly result announced yesterday.

Pacific Steel, which operates a steel mill in Glenbrook, is BlueScope's major New Zealand asset and contributed A$2 million (NZ$2.4m) to the overall result, down A$32m on the same first- half period of 2012.

Sales revenue fell from A$346m to A$319m year on year for the half-year to December 31, 2012.

BlueScope announced an overall A$10m net loss after tax for the half year, a $518m turnaround year on year. Fairfax NZ

Taranaki Daily News