Bluescope falls most in 21 mths

BlueScope Steel (BSL) says it expects to remain profitable in the first-half of 2014, but warned it will not deliver a better performance than the second-half of this year, after posting a modest lift in full-year profit.

Shares in the company plunged 15.9% to $14.60 at 1150 AEST – the most since November 2011.

In the year to June 30, BlueScope said its loss attributable to owners was $84.1 million, a significant improvement on the $1.04 billion loss suffered in the previous year.

Underlying net income for the period came in at $29.7 million, in line with analyst forecasts.

In the same period revenue from continuing operations was $7.29 billion, a decline on the $8.47 billion recorded in 2012.

The group declined to pay a dividend, as it did in 2012.

"We expect to maintain company performance and deliver a profitable H1 2014 (pre period-end NRV adjustments), however given uncertainty in domestic Australian demand we do not expect a H1 2014 outcome better than the H2 2013 outcome (subject to spread, FX and market conditions)," the group said.