Nov 15 2005
BlueScope Steel Chairman, Mr Graham Kraehe, advised shareholders this week that although this financial year would be more challenging than 2004/05, the company remains on track for another very good year.
Mr Kraehe said FY2005 had been an extraordinary year for BlueScope Steel with profit rising 72 per cent to more than $1 billion and earnings per share increasing 77 per cent to $1.37.
"The FY2005 result reflected both the strength of global steel markets and the performance of our people," Mr Kraehe said.
"FY2006 earnings won't be the same extraordinary levels of 2005 but, our current expectation of earnings per share of between 85 cents and $1 compares well to 78 cents per share achieved in 2004.
"Clearly this outlook enables the Board to maintain its emphasis on shareholder returns and the ability to at least maintain the 42-cents per share fully franked dividend paid in 2005.
"It is also relevant to the Board's decision, announced this morning, to commence an on-market buyback of up to 25 million shares," Mr Kraehe said.
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