BlueScope tips $900m in asset write downs

SYDNEY (AAP) BlueScope Steel says it expects asset writedowns of about $900 million when it reports its full-year results later this month.
The steel maker says the strong Australian dollar, high material costs and low prices are to blame.
In a market update issued late on Thursday, it said that, as part of its accounts for the year ended June 30, it's reviewing the carrying value of its assets.
"It is expected that total writedowns in the order of $900 million in the asset carrying values of the Coated & Industrial Products Australia and the BlueScope Distribution businesses will be included in the annual results," BlueScope said in a statement.
It said the overall business had performed in line with guidance and was expecting to report a small net loss, as it flagged in May.
BlueScope also said it was still reviewing its domestic steel-making operations.
"The board is reviewing options to align BlueScope's domestic steel-making production capacity to Australian domestic market demand," it said.
"No decisions have been made.
"The benefit to the company's financial performance of successfully aligning domestic steel-making production capacity to Australian domestic market demand would be expected to be material."
BlueScope will report its full-year results on August 22.