Bluescope Steel Limited · ASX:BSL
Bluescope Steel — H1 FY2017 Earnings Presentation
73 slides from Bluescope Steel's earnings presentation, Feb 20, 2017
Slide 1: 1H FY2017 Financial Results Presentation
For personal use only 1H FY2017 Financial Results Presentation Paul O’Malley, Managing Director and Chief Executive Officer Charlie Elias, Chief Financial Officer 20 February 2017 BlueScope Steel Limited. ASX Code: BSL
Slide 2: Important Notice
Important Notice For personal use only THIS PRESENTATION IS NOT AND DOES NOT FORM PART OF ANY OFFER, INVITATION OR RECOMMENDATION IN RESPECT OF SECURITIES. ANY DECISION TO BUY OR SELL BLUESCOPE STEEL LIMITED SECURITIES OR OTHER PRODUCTS SHOULD BE MADE ONLY AFTER SEEKING APPROPRIATE FINANCIAL ADVICE.
Slide 3: Safety: continued progress towards our goal of Zero Harm
Safety: continued progress towards our goal of Zero Harm For personal use only Lost time injury frequency rate Medically treated injury frequency rate 16.0 60.0 14.0 52.2 Medically treated injuries per million man-hours worked 47.1 Lost time injuries per million man-hours worked 8.0 29.1 A consolida
Slide 4: Group revenue up 17% and underlying EBIT up 162% on 1H FY2016. Announcing buy-back
Group revenue up 17% and underlying EBIT up 162% on 1H FY2016. Announcing buy-back For personal use only Underlying EBIT Return on invested capital1 $603.6M 162% on 1H FY2016 20.5% from 7.8% Up $263.2M on 2H FY2016 Underlying net profit after tax Capital management $360.0M 203% on 1H FY2016 4.0cps i
Slide 5: Capital management
Capital management For personal use only Dividend and • Board announces a 4.0 cents per share fully franked interim dividend and a buy-back $150M on-market buy-back Framework • Board’s present intention is to pay consistent dividends, given limited franking availability, in conjunction with ongoing
Slide 6: Underlying EBIT results from all segments materially stronger
Underlying EBIT results from all segments materially stronger For personal use only Australian Steel Products North Star $242.5M 40% $211.3M 398% • Productivity improvements & cost savings • Strong lift to spread • Benefit of full ownership • Spread stronger on higher steel prices • Productivity imp
Slide 7: Segment Financial Results
For personal use only SEGMENT FINANCIAL RESULTS
Slide 8: ASP underlying EBIT up 40% on productivity improvements, planned cost savings, and higher spreads
ASP underlying EBIT up 40% on productivity improvements, planned cost savings, and higher spreads For personal use only Underlying EBIT ($M) Comments on 1H FY2017 242.5 • Productivity improvements and cost savings, particularly: 187.8 – Improved manufacturing conversion costs with better 173.6 manuf
Slide 9: Continued focus on customer engagement is underpinning Australian demand
Continued focus on customer engagement is underpinning Australian demand For personal use only Total Australian external domestic despatch volumes (Kt) 1H FY11 2H FY11 1H FY12 2H FY12 1H FY13 2H FY13 1H FY14 2H FY14 1H FY15 2H FY15 1H FY16 2H FY16 1H FY17 67% Total construction % shown in red 1,200
Slide 10: ASP's profitability improved considerably through productivity initiatives
ASP’s profitability improved considerably through productivity initiatives, even at “bottom of the cycle” spreads For personal use only ASP EBITDA per tonne vs spread Underlying 400 Bottom of cycle EBITDA per spreads1 tonne 350 FY05 A$/t 300 250 1H17 FY04 FY08 200 FY16 FY07 FY06 150 FY03 FY15 100 FY
Slide 11: ASP on track for at least $300M savings in FY2017
ASP on track for at least $300M savings in FY2017; goal thereafter is to at least offset cost escalation with further productivity improvements For personal use only Savings over FY2015 cost base Composition of 1H FY2017 savings FY2016 achieved $235M R&M and Overheads etc manufacturing 15% 10% 1H FY
Slide 12: North Star underlying EBIT up 398% on stronger spreads
North Star underlying EBIT up 398% on stronger spreads, 100% ownership and lower conversion costs US$M underlying EBITDA 1 Segment underlying EBIT – North Star 100% Comments on 1H FY2017 For personal use only • Spread up strongly compared to 1H FY2016 – indicatively 211.3 180.2 US$340/t vs US$221/t
Slide 13: North Star – earnings relatively consistent through the cycle
North Star – earnings relatively consistent through the cycle, noting annual variability For personal use only US$M EBITDA and spread1 340 340 U.S. mini-mill spread EBITDA (100% basis) 250 320 295 300 278 280 257 200 260 247 248 250 253 U.S. mini-mill spread (US$/t metric) 180 233 240 221 220 EBITDA
Slide 14: Higher U.S. prices. Differential between U.S. and China prices returned to average
Higher U.S. prices. Differential between U.S. and China prices returned to ‘average’ levels Hot rolled coil prices and U.S. anti-dumping / countervailing actions For personal use only 1,000 March 2013: following review, U.S. DOC maintains March 2016: U.S. DOC announces preliminary HRC duties on mill
Slide 15: North Star: further low-capital incremental expansion
North Star: further low-capital incremental expansion For personal use only North Star despatches since commencement (100% basis) +79% Further 2,000 incremental capacity expansion in progress 1,500 Metric kt GFC 1,000 500 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12 FY14 FY16 Additional 90Ktpa of product
Slide 16: Building Products segment underlying EBIT up 70%
Building Products segment underlying EBIT up 70%; North America (Steelscape & ASC) substantial improvement For personal use only Underlying EBIT ($M) Comments on 1H FY2017 111.3 • Overall: growth in all businesses except Indonesia 21.8 Thailand • Thailand: improved volume particularly in retail and
Slide 17: India – 100% EBIT growth in 1H FY2017 over 1H FY2016
India – 100% EBIT growth in 1H FY2017 over 1H FY2016 For personal use only Underlying EBIT1 – 100% basis ($M) Comments on 1H FY2017 27.3 • 13% revenue growth in the period 22.7 • Domestic prime coated steel sales volume grew by 22% with 16% growth in painted products and 40% growth in 13.7 bare prod
Slide 18: Coated & painted projects in process and under evaluation in Asia
Coated & painted projects in process and under evaluation in Asia; to be funded from free cash flow • Continued investment in products, brands and channels to grow sales to the For personal use only Retail/SME products retail/SME markets in each country Home appliance steels • Gaining customer accep
Slide 19: BlueScope Buildings underlying EBIT up 45%
BlueScope Buildings underlying EBIT up 45% with further improvement in North America and China Coated Underlying EBIT ($M) Comments on 1H FY2017 For personal use only 49.5 • Engineered Buildings North America: Engineered Buildings – Record half year earnings on volume growth and cost 17.5 34.2 China
Slide 20: New Zealand & Pacific Steel underlying EBIT up $86.6M
New Zealand & Pacific Steel underling EBIT up $86.6M on productivity initiatives and improved steel & iron ore prices For personal use only Underlying EBIT ($M) Comments on 1H FY2017 39.5 • Productivity improvements and cost savings, particularly: 14.1 Steel – Labour, manufacturing, repairs & mainte
Slide 21: New Zealand / Pacific on track for approx NZ$70M savings in FY2017
New Zealand / Pacific on track for approx NZ$70M savings in FY2017. Targeting further savings in FY2018 For personal use only Savings over FY2015 cost base Composition of 1H FY2017 savings FY2016 achieved NZ$45M Overheads etc 15% 1H FY2017 achieved NZ$33M R&M and 40% manufacturing Production efficie
Slide 22: Progress is being made on the sale of the Taharoa export iron sands business
Progress is being made on the sale of the Taharoa export iron sands business For personal use only Status • Progress is being made on the sale • Advanced negotiations with two potential buyers • Support of local landowners and shipping providers is being sought Balance sheet • Reduction in net debt
Slide 23: Group Financials
For personal use only GROUP FINANCIALS
Slide 24: Underlying EBIT variances
Underlying EBIT variances Conversion & other costs: Volume / lower per unit costs 26 Cost improvement initiatives 108 603.6 For personal use only Escalation (36) Timing, one-off & other (20) 7.4 175.3 Net spread increase $84.4M 28.8 77.6 North Star and TBSL: 31.4 (19.6) North Star 167 230.1 72.6 Raw
Slide 25: Continued strong cash flow
Continued strong cash flow $M 1H FY16 2H FY16 1H FY17 Mainly lower impairment charges, Reported EBITDA 515.8 494.0 737.0 net of gain on sale of Castrip For personal use only Adjust for other cash profit items (202.3) 33.6 35.6 Cash from operations 313.5 527.6 772.6 Working capital increased on Worki
Slide 26: Capital and investment expenditure
Capital and investment expenditure For personal use only Largest growth projects: $116M in 1H, $151M in 1H, • Painting and coating capacity in Thailand $251M in 2H • Painting capacity in India $233M in 2H • Incremental capacity expansion at North Star • Continued investment in Building design and en
Slide 27: Net debt reduced to $531M; liquidity of $1.8bn
Net debt reduced to $531M; liquidity of $1.8bn For personal use only Net debt ($M) Liquidity (undrawn facilities and cash, $M) 778 4 1,813.1 1,801.4 (316) 2 531 525 1,276.3 24 -6 15 175 (145) 1 Jun-16 Cash SOR Capex Other incl FX Dec-16 Est net Dec-16 Dec-15 Jun-16 Dec-16 inflow Proceeds & invest as
Slide 28: Track record of prudent leverage and a strengthening credit profile
Track record of prudent leverage and a strengthening credit profile For personal use only Leverage – net debt to LTM EBITDA1 Corporate ratings – S&P and Moody’s Step-up and BBB- Investment grade Baa3 rapid pay-down of North Star 50% acquisition BB+ Ba1 S&P BB Ba2 1.6x BB- Ba3 0.7x 0.8x Moody’s 0.4x
Slide 29: BSL has low leverage relative to the global steel industry
BSL has low leverage relative to the global steel industry For personal use only Leverage of global steel companies – net debt to EBITDA 5.5x Upstream Midstream and downstream 4.4x 4.3x 4.3x 4.0x 3.3x 3.2x 2.9x 2.6x 2.5x 2.5x 2.1x 2.0x 2.0x 2.0x 1.9x 1.6x 1.4x 1.4x 1.3x 1.0x 0.5x 0.4x 0.4x 0.3x Chin
Slide 30: Strategic Position
For personal use only STRATEGIC POSITION
Slide 31: We remain focussed on our strategy
We remain focussed on our strategy For personal use only Grow Deliver Ensure ongoing premium branded steel businesses competitive commodity steel supply financial strength with strong channels to market in our local markets Coated & Painted BlueScope North Star Australia & NZ Balance Sheet Products
Slide 32: Significant BSL achievements delivered to structurally improve the quality of our business
Significant BSL achievements delivered to structurally improve the quality of our business … • Moved to domestic focus in FY2012, closing one blast furnace and reducing For personal use only commodity exports Australian business 1 streamlined • Steelmaking competitiveness dramatically improved in FY
Slide 33: Demonstrating a pivot in our sales mix with increased value added products
Demonstrating a pivot in our sales mix with an increased contribution from value added products BlueScope despatch volume mix For personal use only 100% BlueScope Buildings 80% Building products Higher value added Australia cold rolled 60% and coated & painted 40% High performing, North America stee
Slide 34: … giving better earnings mix …
… giving better earnings mix … For personal use only Underlying EBITDA by segment ($M) BlueScope 1,374 1,331 Buildings 49 108 BP segment 100 257 More Premium branded balanced products ASP 991 earnings mix 614 and lower exposure to spread fluctuations Cost-competitive 371 commodity steelmaking North
Slide 35: … and broader geographic diversity
… and broader geographic diversity For personal use only Underlying EBITDA by region ($M) New Zealand New Zealand $119M $75M Asia $103M 8% Asia 5% 7% $256M 18% North Australia America 14% 43% $614M $201M Improved geographic diversity 70% Australia 34% $991M North America $480M FY2007 CY2016 Total: $
Slide 36: Overall, financial performance has strongly improved
Overall, financial performance has strongly improved Underlying EBIT (group) Underlying return on invested capital For personal use only 944 15.4% $M 6.4% 361 5.9% 291 4.4% 195 -54 -1.2% CY2012 CY2013 CY2014 CY2015 CY2016 CY2012 CY2013 CY2014 CY2015 CY2016 Underlying EPS Free cash flow (operating ca
Slide 37: Further opportunities exist to pursue low capital-intensity growth
Further opportunities exist to pursue low capital-intensity growth within our existing business segments For personal use only ASP • Increasing competitiveness with improved offers compared to imports • Inter-material growth opportunities in roofing, walling and frames • Further cost savings and pro
Slide 38: Outlook
For personal use only OUTLOOK
Slide 39: 2H FY2017 outlook
2H FY2017 outlook Segment comments1 For personal use only Australian Steel Products North Star • Weaker spreads in Q3 due to the lagged impact of • Incremental improvement in despatch volume higher coal costs; spreads improving in Q4 due to • Expect average spread through 2H FY2017 to be higher stee
Slide 40: 2H FY2017 outlook: Group summary
2H FY2017 outlook Group summary For personal use only • We expect 2H FY2017 underlying EBIT approaching 50% higher than 2H FY2016 (which was $340.3M) • Based on assumptions of average1: – East Asian HRC price of ~US$495/t – 62% Fe iron ore price of ~US$75/t CFR China – Index hard coking coal price o
Slide 41: Questions & Answers
For personal use only QUESTIONS & ANSWERS
Slide 42: Additional Information – Group-Level Material
For personal use only ADDITIONAL INFORMATION – GROUP-LEVEL MATERIAL
Slide 43: Financial headlines
Financial headlines SIX MONTHS ENDED For personal use only $M (unless marked) 31 DEC 2015 31 DEC 2016 1H FY17 vs 1H FY16 Total revenue 4,438.8 5,195.2 External despatches of steel products 3,221.6 3,696.3 EBITDA Underlying 1 417.8 793.0 EBIT Reported 324.9 547.6 Underlying 1 230.1 603.
Slide 44: Underlying earnings
Underlying earnings For personal use only $M 1H FY2016 2H FY2016 1H FY2017 Significant EBIT growth Underlying EBIT 230.1 340.4 603.6 Underlying borrowing costs (40.1) (55.0) (48.8) Lower borrowing costs Interest revenue 2.5 2.6 3.2 compared to 2H FY2016 on lower net debt Profit from ordinary activit
Slide 45: Reconciliation between reported NPAT and underlying NPAT
Reconciliation between reported NPAT and underlying NPAT1 For personal use only 1H FY2017 NPAT $M Reported net profit after tax 359.1 Underlying adjustments Asset impairments – mainly EBS China 54.8 Restructuring & redundancy costs 22.6 Asset sales – mainly profit on sale of Castrip (21.6) Tax asset
Slide 46: Summary of financial items by segment
Summary of financial items by segment For personal use only Sales revenue Total steel despatches $M 1H16 2H16 FY16 1H17 '000 tonnes 1H16 2H16 FY16 1H17 Australian Steel Products 2,302.1 2,135.3 4,437.4 2,365.0 Australian Steel Products 1,383.9 1,502.8 2,886.7 1,466.4 North Star BlueScope Steel 187.1
Slide 47: Balance sheet
Balance sheet $M 31 Dec 2015 30 Jun 2016 31 Dec 2016 For personal use only Assets Cash 488.0 549.8 561.9 Receivables * 1,108.1 1,194.2 1,059.9 Inventory * 1,656.2 1,462.6 1,814.0 Property, Plant & Equipment 3,878.8 3,834.1 3,798.6 Intangible Assets 1,783.3 1,770.6 1,794.4 Other Assets 298.0 337.2 36
Slide 48: Net working capital
Net working capital For personal use only 1,462.0 1,419.6 30 June 2016 1,327.9 benefitted by $100M from timing 1,269.3 of year-end cash flows which (22.0) (18.4) 1,212.2 reversed at the start if 1H FY2017 $M 351.4 1,035.5 (134.3) Jun-2014 Dec-2014 Jun-2015 Dec-2015 Jun-2016 Receivables Inventory Pay
Slide 49: Inventory movement
Inventory movement For personal use only RM $329.7M RM $416.4M WIP 472.5 WIP 624.8 FG 481.5 FG 594.8 Other 178.9 Other 178.0 $351.4M increase comprised of segmental movements: NZ & Pacific 24.4 290.6 20.1 2.7 1,814.0 15.1 BlueScope Buildings Building Products – 38.0 123.9 increased on timing of 1,46
Slide 50: Debt facilities maturity profile at December 2016
Debt facilities maturity profile at 31 December 2016 For personal use only Receivables securitisation program: 693 In addition to debt facilities, BSL has BSL Syndicated Bank Facility US unsecured notes $400M of off-balance sheet NS BlueScope JV facilities (100%) securitisation programs, of which
Slide 51: Committed debt facilities as at December 2016
Committed debt facilities as at 31 December 2016 Committed Drawn For personal use only Maturity Local currency A$M A$M Syndicated Bank Facility - Tranche 1 Nov 2017 A$240M A$240M A$0M - Tranche 2 Nov 2019 A$300M A$300M A$0M - Tranche 3 Dec 2018 A$310M A$310M A$0M US unsecured notes May 2021 US$500M
Slide 52: Indicative EBIT sensitivities for 2H FY2017
Indicative EBIT sensitivities for 2H FY20171 Australian Steel Products segment New Zealand Steel & Pacific Steel segment For personal use only +/- US$10/t move in average benchmark hot rolled coil price +/- US$10/t move in benchmark steel prices (HRC and rebar) - direct sensitivity2 +/- $7-8M - dire
Slide 53: Additional Information – Segment Material
For personal use only ADDITIONAL INFORMATION – SEGMENT MATERIAL
Slide 54: Australian Steel Products: Financial and despatch summaries
Australian Steel Products Financial and despatch summaries For personal use only Key segment financial items Despatches breakdown $M unless marked 1H16 2H16 FY16 1H17 '000 tonnes 1H16 2H16 FY16 1H17 Revenue 2,302.1 2,135.3 4,437.4 2,365.0 Hot rolled coil 236.5 249.8 486.3 247.5 Underlying EBITDA 267
Slide 55: Australian Steel Products: Underlying EBIT variance
Australian Steel Products Underlying EBIT variance Net spread increase $54.5M For personal use only 242.5 35.0 (26.6) 17.8 (6.8) 3.4 173.6 46.1 Raw material costs: Conversion & other costs: Coal (28) Volume / lower per unit costs 1 Iron ore 15 Cost improvement initiatives 58 Scrap, alloys & coating
Slide 56: Australian Steel Products: Spot spreads have recovered on stronger steel prices
Australian Steel Products Spot spreads have recovered on stronger steel prices after a dip driven by coal price spike East Asia HRC price (US$/t) and indicative steelmaker HRC spread (A$/t) For personal use only Spread: SBB East Asia HRC price less cost of 1.5t iron ore fines and 0.71t hard coking c
Slide 57: Australian Steel Products: Despatch mix
Australian Steel Products Despatch mix (Mt) For personal use only 1.50 1.47 1.38 1H FY2017 Product Mix 0.41 0.36 Export 0.29 Export Domestic - 0.09 0.09 0.07 externally sourced HRC Metal Coated Plate Painted CRC Other inc ext sourced 1.03 Domestic - BSL 1.01 1.00 manufactured Domestic 1H FY2016 2H F
Slide 58: Australian Steel Products: Revenue and underlying costs 1H FY2017
Australian Steel Products Revenue and underlying costs 1H FY2017 For personal use only Revenue Underlying costs (to EBIT line) A$2,365m A$2,123m Non-steel business costs relate to: Conversion & Overhead Non-steel business • Export coke sales Components (in order Non-steel business • Cold ferrous fee
Slide 59: Strong residential construction markets; non-residential picking up
Australian Steel Products Strong residential construction markets; non-residential picking up For personal use only Commencements lagging approvals Alteration and additions activity Non-residential construction which remain at robust levels growing – tracking house prices approvals showing a rebound
Slide 60: Current Australian detached dwelling approvals are well within long term range
Current Australian detached dwelling approvals are well within long term range Australian new dwelling approvals, FY1965-FY2017 (Rolling 12 Months to December Quarter 2016) For personal use only 240,000 Total approvals 220,000 200,000 180,000 160,000 140,000 120,000 Detached houses 100,000 80,000 60
Slide 61: North Star: Financial & despatches summary
North Star Financial & despatches summary Key segment financial items For personal use only $M unless marked 1H16 2H16 FY16 1H17 Note that these measures reflect Revenue 187.1 660.2 847.3 793.9 equity accounted contribution from Underlying EBITDA 51.6 132.5 184.1 238.6 North Star up until acquisitio
Slide 62: North Star: Underlying EBITDA US$M variance on 100% basis
North Star Underlying EBITDA US$M variance on 100% basis For personal use only Spread increase $104.3M 180.2 (12.1) 11.1 1.3 - 0 115.1 64.8 1H FY2016 Prices Raw material costs Conversion & Volume & mix FX translation 1H FY2017 other costs & other Spread increase $77.4M (39.8) 180.2 4.9 (0.6) - 0 117
Slide 63: Building Products ASEAN, North America & India: Financial summary
Building Products ASEAN, North America & India Financial summary For personal use only Key segment financial items Despatches by business $M unless marked 1H16 2H16 FY16 1H17 '000 tonnes 1H16 2H16 FY16 1H17 Revenue 878.6 888.2 1,766.8 951.0 Thailand 151.1 216.3 367.4 188.8 Underlying EBITDA 95.8 115
Slide 64: Building Products ASEAN, North America & India: Underlying EBIT variance
Building Products ASEAN, North America & India Underlying EBIT variance For personal use only Net spread increase $33.6M 111.3 7.7 (6.5) (0.7) 1.2 9.9 36.2 65.4 (1.9) 1H FY2016 Export prices Domestic Raw material Conversion Volume & mix TBSL India FX translation 1 1H FY2017 prices costs & other cost
Slide 65: BlueScope Buildings: Financial and despatches summary
BlueScope Buildings Financial and despatches summary For personal use only Key segment financial items Despatches by business $M unless marked 1H16 2H16 FY16 1H17 '000 tonnes 1H16 2H16 FY16 1H17 Revenue 889.8 816.1 1,705.9 896.1 Engineered Buildings North America 122.8 116.1 238.9 129.2 Underlying E
Slide 66: BlueScope Buildings: Underlying EBIT variance
BlueScope Buildings Underlying EBIT variance For personal use only 49.5 0.5 Net margin decrease $5.1M 34.2 19.9 28.9 (48.5) 14.5 1H FY2016 Prices Raw material costs Conversion & Volume & mix FX translation 1H FY2017 other costs & other 49.5 (3.4) Net margin increase $17.7M 20.2 17.7 15.0 7.6 (7.6) 2
Slide 67: BlueScope Buildings: Solid progress in North America earnings growth
BlueScope Buildings Solid progress in North America earnings growth driven by productivity and cost saving measures. Volumes improved in 1H FY2017 For personal use only Underlying EBIT of Buildings North America ($M) Buildings North America – volumes 500 1H FY17 vol 129.2kt, 450 cf 122.8kt in 1H FY1
Slide 68: New Zealand & Pacific Steel: Financial summary
New Zealand & Pacific Steel Financial summary For personal use only Key segment financial items Despatches $M 1H16 2H16 FY16 1H17 '000 tonnes 1H16 2H16 FY16 1H17 Revenue 451.5 435.8 887.3 425.4 Domestic despatches Underlying EBITDA (15.5) 15.5 0.0 59.4 - NZ Steel flat products 132.6 125.4 258.0 135.
Slide 69: New Zealand & Pacific Steel: Underlying EBIT variance
New Zealand & Pacific Steel Underlying EBIT variance 39.5 9.7 For personal use only 5.8 40.1 Net spread increase $31.0M 3.0 10.6 17.4 (47.1) 1 1H FY2016 Export prices Domestic prices Raw material Conversion Volume & mix FX translation 1H FY2017 costs & other costs & other 39.5 3.7 Net spread increas
Slide 70: New Zealand & Pacific Steel: Despatch mix
New Zealand & Pacific Steel Despatch mix For personal use only 365.8 Export long 42.0 331.3 22.3 276.4 Exports reducing as 1H FY2017 Domestic Product Mix Export flat 112.2 6.2 Pacific Steel moves to 93.4 billet supply from New 48.1 Zealand Steel and full economics of Pacific Steel acquisition start
Slide 71: The East Asian rebar price influences domestic and export long product pricing
New Zealand & Pacific Steel The East Asian rebar price influences domestic and export long product pricing For personal use only SBB East Asian rebar price (US$/t) $800 $700 $600 $500 $400 $300 $200 $100 $0 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Ju
Slide 72: NZ construction and manufacturing activity maintaining positive momentum
New Zealand & Pacific Steel NZ construction and manufacturing activity maintaining positive momentum For personal use only Residential building consents – momentum continues Non-residential construction consents – maintaining strength ‘000 units, Cal Yrs 3,000 6.5 Moving annual total of value of con
Slide 73: 1H FY2017 Financial Results Presentation
For personal use only 1H FY2017 Financial Results Presentation Paul O’Malley, Managing Director and Chief Executive Officer Charlie Elias, Chief Financial Officer 20 February 2017 BlueScope Steel Limited. ASX Code: BSL