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BlueScope slashes profit outlook and warns of surging Chinese exports

The country’s largest steelmaker says it has been forced to cut prices as Chinese producers manage excess capacity and grapple with a slowing domestic economy.

Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login The country’s largest steelmaker has warned that earnings in the six months to the end of the year will be 25 per cent lower than expected as Chinese exporters flood the market with cheaper products. BlueScope Steel – which operates a large steel plant in Port Kembla, south of Sydney, and has a big business in the United States – told investors that a record level of exports from China had affected its profit margins.

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