BlueScope Steel posts $1.27B underlying EBIT in FY26

• BlueScope announced an underlying EBIT of $1.27 billion and a net profit of $802 million for FY26.
• The company declared final dividends totalling $1.35 per share to finalise its capital return plan.
• Executives stated the business will accelerate lower-emissions technology investments to drive long-term shareholder returns.

BlueScope Steel (ASX:BSL) reported a FY26 underlying EBIT of $1.27 billion, driven by stronger US spreads.

Net profit after tax for the period came to $802 million, an 857% surge from FY25, while underlying NPAT reached $851.2 million.

The result was higher than FY25, overcoming sustained low Asian steel spreads and elevated Chinese exports.

“BlueScope's FY2026 result reflects the strength of a diversified portfolio built to perform through the cycle and a business now shifting decisively from investment to delivery of enhanced shareholder returns,” said BlueScope Managing Director and CEO Tania Archibald.

The board declared an unfranked final ordinary dividend of 65 cents per share and an unfranked special dividend of 70 cents per share, totalling $1.35 per share, to be paid in the first half of FY27.

BlueScope plans to deliver $3.00 per share in shareholder returns during 2027, comprising a $1.30 per share annual ordinary dividend and $1.70 per share through a combination of on-market buy-backs, special dividends or other methods.

The company stated it expects to deliver at least $150 million in additional cost benefits during FY27.

The business stated this positions it for higher earnings; following the announcement, the BlueScope share price was up at $33.69.

BlueScope stated its New Zealand Electric Arc Furnace is expected to halve site emissions.

Executives stated that progressing Australian assessments, including Project NeoSmelt, will potentially establish a 2050 decarbonisation pathway.