BHP Steel says will exceed full year profit forecast

By NZPA

Thursday 27th February 2003

Australia's BHP Steel Ltd said today that it was confident it would exceed the $A400 million ($NZ434 million) net profit forecast it made at the its annual meeting in November.

It also said it would commence a share buyback.

The comments come after the company announced a net profit of $A242 million for the six months to December 31, 2002.

"Based on our first half performance, we are confident we will exceed the full year profit of $A400 million, as indicated at the November 2002 annual general meeting," BHP Steel managing director Kirby Adams said.

"This takes into account that our second half performance will be tempered by issues such as scheduled maintainence down times at several sites, less favourable exchange rates and higher scrap prices."

BHP Steel added that the strength of its balance sheet has enabled it to launch a share buyback program of up to 79.3 million shares on market over the next 12 months.

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