Australian steel maker BlueScope Steel reported a sharp recovery in annual earnings on Monday but missed market forecasts for earnings and core profit.
BlueScope said it expected underlying profit in the current half to match the preceding half year, with profit margins improving in Australia and with recent acquisitions, including some OneSteel assets from Arrium and Pacific Steel Group in New Zealand.
"Conditions in building construction markets of our key global regions are positive," the company said.
Profit before impairments and restructuring costs rose to A$112.3 million for the year to June 2014 from A$105.6 million a year earlier. Analysts had expected underlying profit of A$117 million, according to Thomson Reuters.