Today Australian steel maker BlueScope Steel Limited (ASX: BSL) upgraded its profit forecast for the six months through December to $230 million, up from prior guidance of $180 million. The company said the stronger performance had been driven largely by earlier delivery of cost reductions, growth in Australian domestic despatches and better margins. BlueScope’s Port Kembla facility recently risked closure, with a review of operations leading to a cost-cutting plan to save $200 million and allow the steel works to remain open. BlueScope shares closed up 9% for the week. We own BlueScope in the investment portfolio.