NZ Steel contributes $198m to Aust parent

New Zealand Steel produced its third consecutive record performance to contribute A$183 million ($198.3m) to the annual operating profit of its Australian parent company, BlueScope Steel.

President of Glenbrook-based New Zealand Steel, Bill Jacob, said performance was 195 per cent better than the previous year's A$62 million, driven by production improvements, savings in supply costs, and record sales of non-steel items. The New Zealand business had total revenues of A$756 million, compared with A$560 million the previous year.