BRIEF-BlueScope Steel Says Cancelled On-Market Share Buy-Back Program
April 7 (Reuters) - BlueScope Steel Ltd:
* AT 31 DECEMBER 2019 NET DEBT WAS $47 MILLION
* EXPECTS TOTAL CAPITAL EXPENDITURE OF $200 MILLION DURING 2H FY2020, REFLECTING A REDUCTION OF $40 MILLION VERSUS FEB 2020 GUIDANCE
* CANCELLED ON-MARKET SHARE BUY-BACK PROGRAM
* OPERATIONS IN MALAYSIA & INDIA TEMPORARILY CLOSED AS OF 25 MARCH, NZ STEEL OPERATIONS SHUTDOWN FOR FOUR WEEKS
* H2 FY2020 PROJECT SPEND IS EXPECTED TO BE ABOUT US$90-100 MILLION
* AT 31 DECEMBER 2019 AVAILABLE LIQUIDITY WAS $2.5 BILLION
* UNLIKELY TO INITIATE FURTHER BUY-BACKS UNTIL THERE IS IMPROVEMENT IN BUSINESS CONDITIONS ACROSS KEY MARKETS
* FY2021 CAPITAL EXPENDITURE IS ANTICIPATED TO BE IN RANGE OF $200 MILLION TO $250 MILLION
* ALL NON-ESSENTIAL OPERATIONAL SPEND IS BEING PAUSED
* RESCHEDULED NORTH STAR EXPANSION PROJECT, CONSTRUCTION & INSTALLATION PROGRAMS RESCHEDULED FOR NEXT 6 MNTHS
* PRE-EMPTIVE STEPS TO BOLSTER FINANCIAL STRENGTH DUE TO GLOBAL ECONOMIC UNCERTAINTY CAUSED BY SPREAD OF COVID-19 Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)
