Scrap metal heated in a steel
furnace at BlueScope Steel Ltd. Port Kembla steelworks in Port Kembla,
Australia. (Image: Getty)
By Marion RaeBig emitter
BlueScope Steel has warned of tough conditions as it absorbs higher electricity
costs and stalling demand from China's electric car giants.The steel producer
on Monday reported a net profit of A$805.7 million (NZ$888.5m) for the year to
June 30, down from A$1 billion a year earlier.In Australia, underlying earnings
fell 30% to A$376.9m on softer building and construction activity, and higher
costs as housing approvals contracted and a backlog of orders was worked through.But
managing director Mark Vassella said unde...