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Energy to weigh on BlueScope 1H earnings

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October 11, 2017

BlueScope Steel's outgoing chief executive Paul O'Malley has reaffirmed first-half guidance.

BlueScope Steel's outgoing chief executive Paul O'Malley has reaffirmed first-half guidance, saying while there has been some movement in macroeconomic indicators since August, this is not expected to have a material impact on the company's financial performance.

Australia's largest steelmaking business in August offered a rare cloudy outlook on the back of rising costs, with underlying earnings in the first half of 2017/18 expected to be around 80 per cent of earnings in the second half of FY17.

BlueScope's Australian electricity costs are forecast to increase 93 per cent over the two years to 2017/18, with gas costs rising 33 per cent over that period, Mr O'Malley told shareholders at the company's annual general meeting on Wednesday.

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