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BlueScope, Australia's biggest steelmaker, said first-half net profit more than doubled as a result of it taking full ownership of a steel mill in the United States and due to a declining Australian dollar.
Net profit came in at A$200.1 million for the six months to Dec. 31, up from A$92.7 million in the previous corresponding period, the company said in a statement on Monday.
The result included a A$702.9 million upward revaluation of the North Star steel mill after BlueScope bought joint venture partner Cargill's half share in October, offsetting a A$567.5 million impairment charge due to lower iron ore prices.