Chief executive Paul O'Malley said the company expected "a good first half in the 2008/09 year" but the high cost of raw materials would have a significant impact on its Australian business.
Mr O'Malley, who replaced Kirby Adams as chief executive in November 2007, received a 179 per cent increase in pay to $4.176 million in 2007/08, up from $1.496 million, Bluescope reveals in its annual report, released this morning.
On the outlook for the company, Mr O'Malley says in the report that "the ongoing crisis in the financial markets may affect funding of commercial and industrial projects, dampening demand, although the weaker US dollar has provided some boost to manufacturing exports from the US".
He said demand for the company's products remained solid in Australia but the residential segment continued to be "soft".
BlueScope has forecast a drop in output during the second half of this financial year due to a reline of the No 5 blast furnace at its Port Kembla steelworks.
The reline will begin in March at a cost $370 million and is scheduled to take 105 days.
Shares in BlueScope had gained 40 cents, or 6.9 per cent to $6.20 by 10.35pm (AEDT).
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