BlueScope Steel has announced this morning that it has shrunk its annual loss from $1.04 billion to $84.1 million, with a return to profit expected this financial year.
BlueScope announced that though revenues were down 14 per cent to $7.27 billion, an underlying profit of $48.8 million was achieved, Fairfax and others report.
CEO Paul O’Malley said that further improvements would be seen this year.
"Despite ongoing difficult trading conditions in the domestic economy and the global steel sector overall, we are pleased with the progress of the company's turnaround," he said in a statement this morning.
The company has been running at a loss since 2010, due to reasons including the historically high Australian dollar, high material costs and weak demand.
The company has also announced that would buy Orrcon and Fielders from Hills Holdings, which is moving its focus away from steel products.