BlueScope Steel Ltd's financial performance for the 12 months to June 30 has improved, albeit marginally, after posting a full year net loss of $1.044 billion, up by one per cent than the $1.054 billion a year ago.
A worker welds steel pipes at a factory in Suining, Sichuan province September 1, 2010.
However, the company said no final dividend will be extended for the period in review. This as revenue from sales from continuing operations dropped to $8.454 billion, down by six per cent from $8.969 billion the previous year.
Still, BlueScope Steel Ltd, Australia's largest steelmaker, remained confident it will start to earn positive in the 2012/13 financial year.
"Globally, we are now well positioned for growth," BlueScope Steel Ltd Chief executive Paul O'Malley said in a statement.
"For the (first half) of FY2013, we expect a continued improvement in financial performance with an underlying net after tax loss approaching breakeven."
The company's underlying net loss registered at $238 million. This though was still above analysts' expectations of a $140 million loss compared to a net loss of $127 million in the last financial year.
The company achieved the narrower figure after restructuring its ailing business to deal with a high Aussie dollar and falling world prices of commodities.
Last week, BlueScope Steel Ltd announced it is poised to create a $1.4 billion joint venture with Nippon Steel Corp of Japan, after agreeing to sell half of its coated products operations also to the latter for $US540 million.
The JV transaction with Nippon Steel is expected to be final between January and March, pending approval from regulators.
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