Bluescope Steel Limited · ASX:BSL
Bluescope Steel — FY2016 Earnings Presentation
75 slides from Bluescope Steel's earnings presentation, Aug 22, 2016
Slide 1: FY2016 Financial Results Presentation
For personal use only FY2016 Financial Results Presentation Paul O’Malley, Managing Director and Chief Executive Officer Charlie Elias, Chief Financial Officer 22 August 2016 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: Progress towards our goal of Zero Harm
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 consolidated result for FY2
Slide 4: FY2016 results summary
FY2016 results summary Growth of 7% in revenue and underlying EBIT up 89% Best underlying EBIT since FY2008 For personal use only Underlying EBIT Return on invested capital1 $570.5M 89% 9.3% from 5.9% 2H result $340.4M, up $209.6M Underlying net profit after tax Final dividend – fully franked $293.1
Slide 5: Significant earnings growth driven by Company initiatives
Significant earnings growth driven by Company initiatives despite weakest macro conditions since 2002 For personal use only $M FY2015 underlying EBIT 301.8 Macro conditions (spread & FX) difficult (127.2) Implementation of cost improvements: - PKSW: saved 4,500 jobs; on track for $280M in FY2017
Slide 6: Delivery on Strategic Priorities
For personal use only DELIVERY ON STRATEGIC PRIORITIES
Slide 7: A year ago we communicated our renewed strategy
A year ago we communicated our renewed 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 Sh
Slide 8: Coated & Painted
Coated & Painted Our goal: Drive growth in premium branded coated and painted steel markets in Asia-Pacific For personal use only Delivered In progress and into the future 31% pa CAGR in ASEAN, Nth Am & India ► Continued refinement and implementation of underlying EBIT over last four years coated
Slide 9: BlueScope Buildings
BlueScope Buildings Our goal: Drive growth in North America and continue turnaround in China For personal use only Delivered In progress and into the future Continued growth in North America earnings ► ROIC targets clearly understood for 40 Buildings North America and China 32 ─ Commencing cost ou
Slide 10: North Star BlueScope Steel
North Star BlueScope Steel Our goal: Maximise value For personal use only Delivered In progress and into the future Acquired Cargill’s 50% share on 30 Oct 2015 ► Continue track record of incremental despatch growth with minimal capital +50% ─ 90Ktpa capacity increase over next two 100% years by bo
Slide 11: Australia & New Zealand Steelmaking
Australia & New Zealand Steelmaking Our goal: Deliver value from Australian/NZ steelmaking and iron sands by game-changing cost reduction or alternative model For personal use only Delivered In progress and into the future Australia: Plan A proven to be the right ► Plan A: must deliver returns nec
Slide 12: Australia and New Zealand cost savings
Australia and New Zealand cost savings Australian target $280M for FY2017; New Zealand target at least NZ$60M For personal use only Australia (inc Distribution) New Zealand 1H FY2016 achieved $95M NZ$13M 2H FY2016 achieved $140M NZ$32M FY2016 achieved $235M NZ$45M FY2017 target $280M At least $60M N
Slide 13: Balance Sheet
Balance Sheet Our goal: Maintain strong balance sheet For personal use only Delivered In progress and into the future North Star long term funding completed ► Continue to reduce leverage. Target net debt sustainably lower than 1.0x underlying Achieved goal of leverage below 1.0x EBITDA EBITDA ─
Slide 14: Segment Financial Results
For personal use only SEGMENT FINANCIAL RESULTS
Slide 15: Segment underlying EBIT summary
Segment underlying EBIT summary All segments (except NZ) up strongly For personal use only Australian Steel Products New Zealand & Pacific Steel $361.4M 140% ($53.5)M ($20.3)M • Strong benefit from early delivery of cost savings • Lower regional steel prices and iron ore prices • Growth in domestic
Slide 16: Australian Steel Products
Australian Steel Products Best result since GFC – underlying EBIT up 140% on cost savings in a weaker spread environment For personal use only Underlying EBIT ($M) Comments on FY2016 361.4 • Stronger domestic despatch volumes across all products, particular in HRC, bare metal coated and painted – dr
Slide 17: Australian Steel Products: improving customer engagement
Australian Steel Products Australian demand: improving customer engagement is making a difference For personal use only Total Australian external 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 67% Total construction % shown in re
Slide 18: Current detached dwelling approvals within long term range
Australian Steel Products Current detached dwelling approvals within long term range Australian new dwelling approvals, FY1965-FY2016 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 60,000 40,000 Other residential 20,000 (s
Slide 19: New Zealand & Pacific Steel
New Zealand & Pacific Steel Softer result on weaker iron ore and steel prices and volumes. 2H significantly improved on 1H For personal use only Underlying EBIT ($M) Comments on FY2016 1H • Lower realised iron sands and steel pricing partially 2.6 (6.4) 2H mitigated by a weaker NZD:USD 2H (35.8) (47
Slide 20: Pacific Steel
Pacific Steel Targeting annualised economic benefit of NZ$40M in FY2017 For personal use only Benefit to BlueScope Pacific Steel rolling mills in Auckland • Replacing export sales with domestic long product sales (reinforcing steels, and ZnAl coated manufacturing wire). 169kt domestic sales in FY201
Slide 21: Building Products ASEAN, North America and India
Building Products ASEAN, North America and India EBIT up 52% with better performance across all countries; over 31% pa compound earnings growth over past four years For personal use only Underlying EBIT ($M) Comments on FY2016 149.3 • Overall: earnings growth in all businesses • Thailand: improved d
Slide 22: Thailand growth initiatives
Building Products ASEAN, North America and India Thailand growth initiatives For personal use only Home appliance • Accreditation of SUPERDYMA® production for first customers steels update obtained; further customer accreditation underway • In process of signing supply agreements with customers Meet
Slide 23: BlueScope Buildings
BlueScope Buildings Improvement in China and growth in North America Underlying EBIT ($M) Comments on FY2016 For personal use only 49.2 43.7 • Engineered Buildings North America: Initiative to de-risk NA pension fund 11.0 – Improved pricing driving positive margin performance on North America total
Slide 24: Business improvement programs to pursue ROIC targets
BlueScope Buildings Business improvement programs to pursue ROIC targets For personal use only Buildings North • Pursuing pathway to 15% ROIC in FY2018 America • To be delivered through: – New business segment initiatives to improve customer share of wallet – Productivity and cost saving measures. T
Slide 25: Hot Rolled Products North America
Hot Rolled Products North America Strong operating performance continued; 100% consolidation from 30 Oct Comments on FY2016 Segment underlying EBIT ($M) For personal use only North Star equity accounted until 30 October 2015. Includes Castrip equity accounted in all periods. • North Star: – Acquisit
Slide 26: U.S. HRC prices have increased following anti-dumping duties
U.S. HRC prices have increased following anti-dumping duties Hot rolled coil prices and U.S. anti-dumping / countervailing actions For personal use only March 2013: following review, U.S. DOC maintains March 2016: U.S. DOC announces preliminary HRC duties on certain countries. Rates as follows: HRC
Slide 27: Group Financials
For personal use only GROUP FINANCIALS
Slide 28: Underlying EBIT variances
Underlying EBIT variances Conversion & other costs: Volume / lower per unit costs Cost improvement initiatives 99 308 Escalation (58) Timing, one-off & other (21) 570.5 For personal use only Net spread decrease $146.9M 47.7 19.7 20.7 301.8 327.5 (272.6) Raw material costs: Coal 23 Iron ore 68 420.8
Slide 29: FY2016 pro-forma EBITDA of $1.1Bn
FY2016 pro-forma EBITDA of $1.1Bn – on weak spreads For personal use only Pro-forma FY2016 underlying EBITDA 1,094 86 17 $M 955 36 FY2016 underlying EBITDA Full year consolidation Deconsolidation Cost FY2016 pro-forma of North Star 1 of businesses savings to be delivered, underlying EBITDA 2 sold or
Slide 30: Reconciliation between reported NPAT and underlying NPAT
Reconciliation between reported NPAT and underlying NPAT1 Reported profit higher than underlying profit in FY2016 For personal use only 2H FY2016 FY2016 NPAT $M NPAT $M Reported net profit after tax 153.7 353.8 Underlying adjustments Impact of acquiring a controlling interest in North Star - (702.9)
Slide 31: Cash flow
Cash flow Primarily the net gain in revaluation $M FY2015 FY2016 1H FY16 2H FY16 of existing 50% share of North Star following acquisition of Cargill’s Reported EBITDA 639.6 1,009.8 515.8 494.0 50% share in Oct 2015, net of Australasian impairment charges For personal use only Adjust for other cash
Slide 32: Balance sheet
Balance sheet Substantial progress on refinancing and deleveraging For personal use only Debt refinancing • Refinanced $350M of North Star acquisition funding in Dec 2015 – increased syndicated bank facilities in size and lowered cost • Refinanced remaining US$300M of North Star acquisition funding
Slide 33: Balance sheet: $595M debt reduction
Balance sheet $595M debt reduction mainly driven by strong cash flow Net debt / Underlying For personal use only Net debt ($M) EBITDA4 Gearing (ND/ND+E) 1,373 21.7% 1.6x 13.5% 0.8x 0.4x 5.5% (682) Jun-15 Dec-15 Jun-16 Jun-15 Dec-15 Jun-16 1 778 783 48 5 (30) 173 (105) Liquidity (undrawn facilities a
Slide 34: Capital and investment expenditure
Capital and investment expenditure For personal use only $116M in 1H, $151M in 1H, Largest growth projects: $251M in 2H $233M in 2H • Painting and coating capacity in Thailand • Painting capacity in India • Incremental capacity expansion at North Star • Continued investment in Building design and 38
Slide 35: Outlook & Summary
For personal use only OUTLOOK & SUMMARY
Slide 36: FY2017 – building on FY2016 achievements
FY2017 – building on FY2016 achievements For personal use only • Continued investment in our coating and painting strategy, particularly: – Brand, product and channel development – MCL3 in Thailand – Consider adding painting capacity in India • Deliver full cost improvements – ASP: on track for $280
Slide 37: 1H FY2017 outlook: segment comments
1H FY2017 outlook Segment comments1 For personal use only Australian Steel Products New Zealand & Pacific Steel • Higher steel pricing with the impact of lagged regional • Expect slight improvement over 2H FY2016 steel pricing from 4Q FY2016 – Benefit of full Pacific Steel / billet caster economics
Slide 38: 1H FY2017 outlook: group summary
1H FY2017 outlook Group summary For personal use only • We expect 1H FY2017 underlying EBIT to be around 50% higher than 2H FY2016 which was $340.4M • Based on assumptions of average1: – East Asian HRC price of ~US$350/t – 62% Fe iron ore price of ~US$50/t CFR China – Hard coking coal price of ~US$1
Slide 39: Questions & Answers
For personal use only QUESTIONS & ANSWERS
Slide 40: Additional Information – Group-level Material
For personal use only ADDITIONAL INFORMATION – GROUP-LEVEL MATERIAL
Slide 41: Financial headlines
Financial headlines YEAR ENDED For personal use only $M (unless marked) 30 JUNE 2015 30 JUNE 2016 FY2016 vs FY2015 Total revenue 8,571.7 9,202.7 External despatches of steel products 6,231.3 6,963.3 EBITDA Underlying 1 644.8 955.4 EBIT Reported 296.6 641.3 Underlying 1 301.8 570.5 NP
Slide 42: Underlying earnings
Underlying earnings For personal use only $M FY2015 FY2016 2H FY2016 Significant EBIT growth Underlying EBIT 301.8 570.5 340.4 Underlying borrowing costs (71.2) (95.2) (55.0) Higher largely due to higher drawn debt Interest revenue 4.3 5.2 2.6 balance following 50% 234.9 480.5 288.0 North Star acqui
Slide 43: Summary of financial items by segment
Summary of financial items by segment For personal use only Sales revenue Total steel despatches $M FY15 1H16 2H16 FY16 '000 tonnes FY15 1H16 2H16 FY16 Australian Steel Products 4,792.1 2,302.1 2,135.3 4,437.4 Australian Steel Products 2,893.8 1,383.9 1,502.8 2,886.7 New Zealand and Pacific Steel 97
Slide 44: Balance sheet
Balance sheet $M 30 Jun 2015 31 Dec 2015 30 Jun 2016 For personal use only Assets Cash 518.6 488.0 549.8 Receivables * 1,123.6 1,108.1 1,194.2 Inventory * 1,560.7 1,656.2 1,462.6 Property, Plant & Equipment 3,732.6 3,878.8 3,834.1 Intangible Assets 515.3 1,783.3 1,770.6 Other Assets 426.7 298.0 337.
Slide 45: Net working capital
Net working capital For personal use only 1,462.0 86.1 1,419.6 (193.6) 1,327.9 1,269.3 (229.5) $M (47.1) 1,035.5 Jun-2014 Dec-2014 Jun-2015 Dec-2015 Receivables Inventory Payables Deferred Jun-2016 income % of sales 16.6% 16.8% 14.8% 16.0% 11.3% (based on 6 months prior Consolidation of only 2 month
Slide 46: Inventory movement
Inventory movement For personal use only RM $252.6M RM $329.7M WIP 585.6 WIP 472.5 FG 549.9 FG 481.5 Other 172.6 Other 178.9 $98.1M decrease comprised of segmental movements: 1,560.7 (103.5) HRPNA – due to North 109.8 Star consolidation (23.2) 14.4 1,462.6 14.2 5.9 BlueScope Buildings -59.3 $M NZ &
Slide 47: Debt facilities maturity profile at June 2016
Debt facilities maturity profile at 30 June 2016 For personal use only Receivables securitisation program: 670 In addition to debt facilities, BSL has a BSL Syndicated Bank Facility US unsecured notes $150M securitisation program (undrawn NS BlueScope JV facilities (100%) at 30 June 2016), and a $
Slide 48: Committed debt facilities as at June 2016
Committed debt facilities as at 30 June 2016 Committed Drawn For personal use only Maturity Local currency A$M A$M Syndicated Bank Facility - Tranche 1 Nov 2016 A$120M A$120M A$114M - Tranche 2 Nov 2017 A$240M A$240M A$0M - Tranche 3 Nov 2019 A$240M A$240M A$0M - Tranche 4 Dec 2018 A$250M A$250M A$0
Slide 49: Indicative EBIT sensitivities for 1H FY2017
Indicative EBIT sensitivities for 1H 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 50: Additional Information – Segment Material
For personal use only ADDITIONAL INFORMATION – SEGMENT MATERIAL
Slide 51: 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 FY15 1H16 2H16 FY16 '000 tonnes FY15 1H16 2H16 FY16 Revenue 4,792.1 2,302.1 2,135.3 4,437.4 Hot rolled coil 433.6 236.5 249.7 486.3 Underlying EBITDA 339
Slide 52: Australian Steel Products: Underlying EBIT variance
Australian Steel Products Underlying EBIT variance 361.4 (4.1) For personal use only 25.9 Conversion & other costs: Net spread decrease $75.4M Volume / lower per unit costs 69 264.7 Cost improvement initiatives 235 150.3 Escalation (25) Timing, one-off costs & other (14) (112.9) Raw material costs:
Slide 53: Spreads recovering following softest year since FY2002
Australian Steel Products Spreads recovering following softest year in FY2016 since FY2002 East Asia HRC price (US$/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 coal $800 $700 $600 $500 $40
Slide 54: Australian Steel Products: Despatch mix
Australian Steel Products Despatch mix (Mt) For personal use only 1.48 1.50 1.38 FY2016 Product Mix 0.41 Export 0.46 0.29 Export 0.09 0.09 Domestic - externally sourced 0.12 HRC Metal Coated Plate Painted CRC Other inc ext sourced 1.01 1.00 Domestic - BSL 0.90 manufactured Domestic 2H FY2015 1H FY20
Slide 55: Revenue and underlying costs FY2016
Australian Steel Products Revenue and underlying costs FY2016 For personal use only Revenue Underlying costs (to EBIT line) A$4,437m A$4,076m Non-steel business costs Non-steel business relate to: Conversion & Overhead Non-steel business • Export coke sales Components (in order costs • Cold ferrous
Slide 56: External forecasters' outlook for key end-use segments
Australian Steel Products External forecasters’ outlook for our key end-use segment exposures For personal use only Residential construction Non-residential construction Engineering construction Change in real value of work done HIA F’cast (Jun 2016) Annual % Change Annual % Change BIS Shrapnel F’ca
Slide 57: Approvals have lifted strongly in the last 36 months
Australian Steel Products Approvals have lifted strongly and held momentum in the last 36 months For personal use only Australian residential construction approvals Change in Australian residential construction approvals (private sector) – ‘000 units (private sector) – ‘000 units 16 130 121 14 Other
Slide 58: Strong residential construction markets; non-residential is mixed
Australian Steel Products Strong residential construction markets; non-residential is mixed Non-residential construction For personal use only Commencements lagging approvals Alteration and additions activity approvals showing signs of having which remain at record high levels growing – tracking hou
Slide 59: Detached house approvals continue to lift in most regions
Australian Steel Products Detached house approvals continue to lift in most regions of Australia in FY2016, except WA; A&A approvals now showing strong uplift For personal use only Construction approvals of houses by region – rolling last 12 months Approvals of alterations & additions (value >$10k)
Slide 60: Australian Performance of Construction (PCI) index
Australian Steel Products Australian Performance of Construction (PCI®) index For personal use only 70 65 60 Expansion 55 50 45 Contraction 40 35 30 25 20 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 1
Slide 61: NZ construction and manufacturing activity momentum
New Zealand & Pacific Steel NZ construction and manufacturing activity maintaining strong momentum For personal use only Residential building consents – strong momentum Non-residential construction consents – strong growth ‘000 units, Cal Yrs 3,000 6.5 Moving annual total of value of consents (NZ$Bn
Slide 62: New Zealand & Pacific Steel: Financial summary
New Zealand & Pacific Steel Financial summary For personal use only Key segment financial items Despatches $M FY15 1H16 2H16 FY16 '000 tonnes FY15 1H16 2H16 FY16 Revenue 972.1 451.5 435.8 887.3 Domestic despatches Underlying EBITDA 26.8 (15.5) 15.5 0.0 - NZ Steel flat products 260.6 132.6 125.4 258.
Slide 63: New Zealand & Pacific Steel: Underlying EBIT variance
New Zealand & Pacific Steel Underlying EBIT variance For personal use only Net spread decrease $110.2M (33.2) (25.0) 8.1 (53.5) (70.9) 106.8 (27.0) (12.3) FY2015 Export prices Domestic prices Raw material Conversion Volume & mix FX translation1 FY2016 costs & other costs & other (3.1) 5.4 (6.4) Net
Slide 64: New Zealand & Pacific Steel: Despatch mix
New Zealand & Pacific Steel Despatch mix For personal use only 395.6 Export long 39.9 365.8 42.0 331.3 22.3 Exports reducing as Pacific Steel moves to FY2016 Domestic Product Mix Export flat 140.2 billet supply from New Zealand Steel and full 112.2 93.4 economics of Pacific Steel acquisition start t
Slide 65: East Asian rebar price influences long product pricing
New Zealand & Pacific Steel The East Asian rebar price influences domestic and export long product pricing For personal use only SBB East Asian rebar price (US$/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 66: Taharoa export iron sands
Taharoa export iron sands Sale process remains underway For personal use only Update on sale • Sale process remains underway process • $15.2m growth capex was committed in 2H 2016, of which $3.4m is to be spent in FY2017 • Further growth capex is under review and subject to outcome of sale process 1
Slide 67: 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 FY15 1H16 2H16 FY16 '000 tonnes FY15 1H16 2H16 FY16 Revenue 1,790.8 878.6 888.2 1,766.8 Thailand 350.3 151.1 216.3 367.4 Underlying EBITDA 153.3
Slide 68: Building Products: Underlying EBIT variance
Building Products ASEAN, North America & India Underlying EBIT variance 149.3 For personal use only Net spread increase $42.3M 9.5 6.9 (13.6) 5.9 98.3 (6.0) 239.9 (191.6) 1 FY2015 Export prices Domestic Raw material Conversion Volume & mix TBSL (India) FX translation FY2016 prices costs & other cost
Slide 69: 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 FY15 1H16 2H16 FY16 '000 tonnes FY15 1H16 2H16 FY16 Revenue 1,538.1 889.8 816.1 1,705.9 Engineered Buildings North America 250.9 122.8 116.1 238.9 Underlying
Slide 70: BlueScope Buildings: Underlying EBIT variance
BlueScope Buildings Underlying EBIT variance For personal use only Net margin decrease $17.4M 49.2 43.7 8.8 (15.1) 14.1 $11m favourable EBIT impact in (114.4) 112.1 FY2015 from the initiative to de-risk the North American pension fund FY2015 Prices Raw material costs Conversion & Volume & mix FX tra
Slide 71: Steady progress in North America earnings growth
BlueScope Buildings Steady progress in North America earnings growth. Volumes moderated in FY2016 but good potential remains For personal use only Underlying EBIT of Buildings North America ($M) Buildings North America – volumes 500 450 Includes initiative 42.6 to de-risk North 40.2 400 American pen
Slide 72: Hot Rolled Products North America: Financial summary
Hot Rolled Products North America Financial and despatches summary For personal use only Key segment financial items $M unless marked FY15 1H16 2H16 FY16 Revenue 0.0 187.1 660.2 847.3 Underlying EBITDA 107.3 51.6 132.5 184.1 Underlying EBIT 107.3 42.4 104.2 146.5 Reported EBIT 107.3 743.1 104.2 847.
Slide 73: North Star: underlying EBITDA variance
North Star BlueScope Steel US$M underlying EBITDA variance on 100% ownership / consolidated basis For personal use only 205.5 Spread decrease $63.2M 163.2 20.5 0.4 - 0 (323.1) 259.9 FY015 Prices Raw material costs Conversion & Volume & mix FX translation FY2016 other costs & other Spread increase $2
Slide 74: Earnings relatively consistent through the cycle
North Star BlueScope Steel Earnings relatively consistent through the cycle, noting annual variability For personal use only EBITDA and spread1 EBITDA (US$m) U.S. mini-mill spread (US$/t) 180 400 160 160 152 350 140 131 300 114 250 120 106 107 100 102 99 200 100 85 78 81 150 80 74 66 65 100 60 50 50
Slide 75: FY2016 Financial Results Presentation
For personal use only FY2016 Financial Results Presentation Paul O’Malley, Managing Director and Chief Executive Officer Charlie Elias, Chief Financial Officer 22 August 2016 BlueScope Steel Limited. ASX Code: BSL