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Australian steelmaker BlueScope Steel has projected stronger second-half earnings after delivering a robust first-half performance, supported by improved U.S. steel spreads, higher sales volumes across key markets, and disciplined cost management. The company’s upbeat outlook sent BlueScope shares up as much as 3.2% to A$30.10, surpassing the A$30-per-share takeover offer it rejected earlier this year as undervalued.
BlueScope Steel expects second-half underlying earnings before interest and taxes (EBIT) to range between A$620 million and A$700 million. For the six months ended December 31, the company posted underlying EBIT of A$557.5 million. Underlying net profit after tax (NPAT) surged to A$382 million, significantly exceeding the Visible Alpha estimate of A$349.2 million and more than doubling last year’s A$176.4 million.
The stronger earnings performance was largely driven by solid demand in the United States, improved pricing spreads, and resilient operations across its global footprint. Managing Director and CEO Tania Archibald highlighted progress on major projects, including the electric arc furnace (EAF) at New Zealand Steel, which is expected to enhance operational efficiency and long-term growth. These initiatives reinforce BlueScope’s strategy to strengthen its steel manufacturing capabilities while maintaining cost control.
BlueScope has also streamlined its portfolio to boost shareholder value. The company completed the sale of its 50% stake in Tata BlueScope Steel and divested part of its West Dapto site. These moves position the group to generate stronger cash flow and increase capital returns.
In line with its capital management strategy, BlueScope declared an interim dividend of 65 Australian cents per share, up from 30 cents a year earlier. It also announced a A$310 million on-market share buyback program and reaffirmed its target to return at least 75% of free cash flow to shareholders. The company plans to deliver a total of A$3 per share to investors in 2026, including a previously announced A$1 special dividend.
