Australia's biggest steelmaker,BlueScope,has reported a 91 per cent fall in its full year statutory net profit to $96.5 million.
BlueScope,Australia's biggest steelmaker,has forecast underlying earnings before interest and tax (EBIT) of about $560 million for financial year 2020.
The leader of a business working group on the economic recovery and Coca-Cola boss Alison Watkins says money for infrastructure projects should be spent wisely to attract long-term investment from companies.
Australian steel producer Bluescope has told investors it has had to resort to manual operations in some segments of the business after a cyber attack.
Australia's biggest steelmaker has vigorously denied claims by the competition regulator it engaged in cartel conduct over steel prices
Fund managers have warned investors to brace for dividend cuts as the coronavirus pandemic forces companies to ditch profit forecasts.
BlueScope Steel has pulled its full year guidance less than a month after its latest market update,citing the impact of the escalating coronavirus crisis
Bluescope has warned that its China operations are likely to be"heavily impacted"by disruptions stemming from the coronavirus in February and March,as it reported a 70 per cent fall in its first half profit
Falls in the share prices of the big miners,and a number of property,industrial,and utility stocks going ex-dividend weighed on the local market.
A commodity price surge and fresh overnight records on Wall Street led Australian stocks higher on Friday.
The local bourse edged higher on Friday but ended the week deep in the red following sharp sell-offs on Tuesday and Wednesday.