BlueScope Steel (ASX:BSL) announced an escalation in its program to unlock capital from its extensive 1,200-hectare surplus industrial land portfolio.
Under the leadership of Managing Director and CEO Tania Archibald, the steelmaker is transitioning from traditional operations to active asset management, leveraging strategic sites across New South Wales, Victoria, and New Zealand.
With over 60% of this land already zoned for development, the company is utilising a diverse mix of hardstand leases, outright sales, and master-planned rezoning to deliver immediate shareholder value.
A cornerstone of this acceleration is a new non-binding agreement with automotive logistics firm Prixcar for a 10-hectare hardstand facility at West Dapto, New South Wales.
Expected to be operational by 2029, the 10-year lease is projected to generate approximately $40 million in value.
BlueScope has initiated an expression of interest process for a 65-hectare logistics hub at Western Port, Victoria.
The site's proximity to essential rail and port infrastructure has already garnered strong interest from industrial developers, with the company expecting tangible value delivery by the first half of the 2027 financial year.
The initiatives build on a string of recent successes, including the $76 million sale of residential land at West Dapto and the rezoning of 200 hectares at Port Kembla.
The portfolio is supporting the green energy transition through a 300MW battery storage project at Glenbrook, New Zealand.
By aggressively revitalising these underutilised assets, BlueScope is effectively turning surplus industrial footprint into a high-yield development pipeline.