Bloomberg News

BlueScope Steel Plunges to Record on Tax Notice: Sydney Mover

June 01, 2012

BlueScope Steel Ltd. (BSL), Australia’s biggest steelmaker, plunged to a record after saying it may have to pay an additional tax of as much as A$140 million ($136 million) for past transactions.

The shares fell 7.3 percent to 32 Australian cents at the close of trading, the lowest price since the shares listed on July 15, 2002. The key S&P/ASX 200 Index fell 0.3 percent.

The Australian Taxation Office advised BlueScope it will further assess its tax payments in relation to a fundraising exercise in 2007, the Melbourne-based company said in a stock exchange filing today. Any additional payment would hurt BlueScope, which may report a loss of A$610 million in the year ending June 30, according to the median of six analyst estimates compiled by Bloomberg.

BlueScope, which booked a loss of A$530 million for the six months ended Dec. 31, said today the evaluation could increase its tax liability to as much as A$140 million under the first assessment and between A$51 million and A$63 million under the second assessment.

To contact the reporter on this story: Soraya Permatasari in Melbourne at soraya@bloomberg.net

To contact the editors responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net; Andrew Hobbs at ahobbs4@bloomberg.net


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