It came as BlueScope said it likely will report a loss of $1 billion for the year ended June 30 after impairment charges as it restructures its Australian operations. "Our second-half underlying result is expected to be in line with guidance and our year-end net debt of $384 million is a very good outcome," chief executive Paul O'Malley said in the statement. Nippon Steel's "investment in our business will make $540 million of net proceeds available to fund opportunities for future profitable growth from a further strengthened balance sheet," he said. 'Near zero net debt'