BlueScope Steel (ASX:BSL) will return $438 million in surplus cash to shareholders through an unfranked special dividend of $1 per share.
The funds come from recent initiatives, including the $167 million sale of its 50% stake in the Tata BlueScope joint venture, the $76 million agreement to sell 33 hectares of land at West Dapto, and the ongoing realisation of residual projects in the BlueScope Properties Group, which is expected to release around $200 million in working capital over FY25 and FY26.
The board opted for an unfranked dividend, citing that an on-market buy-back is currently unavailable due to corporate and regulatory conditions.
BlueScope Managing Director and CEO Mark Vassella said the move reflects the company's strong cash-generating ability and its commitment to returning value to shareholders, while maintaining investment in growth.