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Arrium Rises Most in 10 Months on Earnings Outlook: Sydney Mover

Arrium Ltd., the Australian steelmaker and iron ore producer, rose the most in 10 months in Sydney trading after forecasting increased earnings in the next year on strong demand in China and a declining local currency.

Arrium climbed 17 percent to A$1.15 at the close, the most since Oct. 1, 2012. Australia’s benchmark S&P/ASX 200 index declined 0.7 percent.

The Sydney-based company expects earnings from its steel unit to improve as it benefits from a decline in the Australian dollar, it said today in a statement. The currency has fallen 11 percent against the dollar in the past six months. Mining unit earnings are forecast to rise after the company completed expansion work to double iron ore sales volumes to 12 million tons a year, and on strong demand for the steel-making ingredient in China, Arrium said.

“If you look across the whole portfolio, it is growing quite well,” said Evan Lucas, a Melbourne-based market strategist at IG Markets Ltd.

Arrium had a net loss of A$695 million ($631 million) in the 12 months to June 30, from net income of A$58 million a year earlier, after it booked A$961 million in impairment and restructuring charges, according to the statement.

Arrium’s outlook contrasts with its larger rival BlueScope Steel Ltd., which yesterday fell 14 percent, the most in 18 months, after saying earnings this half won’t beat the preceding six months. BlueScope regained some ground today rising 2.6 percent to A$4.82.

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