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‘I’m here to make Sanford great again,’ boss says
Kate McVicar
Tue, 18 Nov 2025
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Tue, 18 Nov 2025
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Grim outlook for NZ Steel
NZ Steel expects to report a half-year underlying loss, as the business battles tough trading conditions and cost pressures.
ASX-listed BlueScope – which owns the New Zealand and Pacific Island business – provided a trading update at its annual meeting today.
The company said its New Zealand business is now expected to report underlying earnings before interest and tax in the six months ending December of negative $20m, which was in line with its second-half result in the 2025 financial year.
“While initial expectations for the business were for a breakeven performance, the operating environment remains challenged, and continued cost pressures, operational disruptions, and pricing pressures have hampered performance in the lead-up to [electric arc furnace] commissioning.”
The furnace, which was originally slated to start in December, is expected to come online early next year.
BlueScope expects its half-year underlying earnings to be at the bottom of its $520m to $620m guidance.
Sanford records record profit
NZX-listed fishing company Sanford reported an improved set of financials.
Net profit after tax for the company increased $44 million to $63.7m, while revenue was up 0.2% to $584.1m from $582.9m year on year.
Meanwhile, earnings before interest and tax (ebit) totalled $102.1m, up from $54.3m.
A final dividend of 5 cents per share was approved.
Sanford managing director David Mair said the company's aquaculture business (salmon and mussels) had exceeded expectations, but the wildcatch business had fallen short.
Revenue for the division was flat year on year, but ebit reduced about 6% to 52.4m.
Wildcatch performance will be a focus for the new financial year.
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