(Bloomberg) -- BlueScope Steel Ltd.'s income soared, partly as a boom in data-center construction lifted sales at its North American unit.
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Underlying net profit more than doubled to A$851.2 million ($604 million) in the year through June 30, the Melbourne-based steelmaker said Monday. North America revenue rose 9%, offsetting a 4% drop in Asia.
North America remains the company's "primary growth engine," Chief Executive Officer Tania Archibald said on Bloomberg TV. "We have the benefit of data centers, and we can see strength in data center demand."
On the flip side, BlueScope is "very wary of the impact data centers can have on the broader energy supply question," she said, as the company seeks to manage energy costs.
In February, BlueScope rebuffed a takeover offer from Steel Dynamics Inc. and SGH Ltd. for an equity value of around A$15 billion, saying it undervalued the company. Its shares have since risen about a fifth. BlueScope's stock swung between gains and losses on Monday, and was down 0.8% as of 2:25 p.m. in Sydney
"We've had no engagement with the consortium for an extended period of time," Archibald said. "We rejected the last proposal very clearly based on the fact that it simply did not represent fair value for BlueScope's shareholders."
The Australian company's North Star Steelworks in Ohio has also benefited from a 50% levy on imports by the Trump administration, which was aimed at countering overcapacity from China.
BlueScope sees "continued strength in North America, a solid demand environment in Australia and early signs of recovery in New Zealand," Archibald said Monday on an investor call. "In China, overcapacity continues to weigh on regional steel spreads," she added.
--With assistance from Yvonne Man and David Ingles.
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