Steel giant BlueScope Steel is remaining positive despite announcing a $1 billion loss after tax this financial year.

 

While the company announced there would be no final dividend for the financial year, Managing Director and CEO, Paul O’Malley, said that the company had reached a transformational point and was now well poised for strong growth.

 

 “FY2012 was a transforming year, we delivered what we promised. Net debt is lower than forecast. Our Australian businesses are expected to be EBITDA positive in FY2013, and globally we are now well positioned for growth,” Mr O’Malley said.

 

Mr O’Malley said that the substantial restructuring of the company into four main businesses would allow for a strong diversification and to make inroads into new market areas.

 

“Our Global Building Solutions business is well placed to capture opportunities in the world’s largest and fastest growing non-residential construction markets with the potential to double current revenue of $1.45 billion within three years,” the company said in an announcement.