The belt tightening and efficiencies introduced by Australian steelmaker BlueScope Steel Ltd (ASX: BSL) on its global operations resulted in a ratings upgrade for the company.
S&P Global Ratings on Friday disclosed that Bluescope’s issuer credit rating had been upgraded from BB+ to BBB- which was described as being a stable outlook.
BlueScope’s assets include ownership of New Zealand Steel and a major steelworks in the United States.
After the mining boom BlueScope had to undertake major changes on its Port Kembla steelworks in New South Wales, including tough industrial relation measures to protect the operation.
Later BlueScope also undertook some rationalisations and efficiencies on NZ Steel.
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