Australian steelmaker BlueScope Steel has posted a net profit of A$390.8 million ($276.33 million) for the first half ending on December 31 of the financial year 2025-26, up 118.2 percent compared to a net profit of A$179.1 million in the first half of the previous financial year. The company’s sales revenues in the given period increased by 3.9 percent year on year to A$8.22 billion ($5.82 billion), due to higher benchmark selling prices in the US, combined with higher volumes and the benefit of favorable foreign exchange rates.
Meanwhile, BlueScope’s underlying EBIT in the given period was A$557.5 million ($395.12 million), compared to A$308.8 million in the first half of the 2024-25 financial year.
BlueScope reported that in the first half of the 2025-26 financial year its Australian Steel Products segment saw lower revenue and earnings due to weaker prices and spreads despite improved domestic construction volumes, while exports declined amid production issues and trade disruptions. In North America, the company delivered a strong earnings recovery driven by higher realized steel spreads and full-capacity shipments at North Star, with additional support from improved volumes and cost control in its buildings and coated products operations. In Asia, lower selling prices weighed on revenue, though profitability improved overall as the strong performance in Southeast Asia offset weaker demand and margins in China, while BlueScope also completed the sale of its 50 percent stake in the Tata BlueScope joint venture in India. In New Zealand and the Pacific Islands, earnings declined due to higher conversion costs ahead of the planned electric arc furnace transition, softer pricing and significantly lower export volumes.
The company expects underlying EBIT to be in the range of A$620-700 million in the second half of the financial year 2025-26. Expectations are subject to foreign exchange and market conditions.