Australian steelmaker BlueScope Steel has released its financial and operational results for the financial year ended June 30, 2026.
The company recorded a net profit of A$802 million, up 857 percent year on year, while its underlying EBIT increased from A$738.2 million in the previous financial year to A$1.27 billion, supported by stronger US steel spreads, record Southeast Asian performance, cost improvements and higher Australian shipments.
In the given year, BlueScope's Australian operations posted an underlying EBIT of A$188 million, down 28 percent, whereas underlying EBIT from its North American and Asian operations rose by 101 percent and 28 percent to A$1.03 billion and A$177 million, respectively. Its New Zealand and Pacific Islands business recorded an underlying loss of A$1 million.
According to the operational data provided in the company's annual report, the steel sales volume of its Australian operations decreased by one percent year on year to 3.16 million mt, while domestic ex-mill sales rose by six percent to 2.25 million mt. The Port Kembla Steelworks has an annual crude steel production capacity exceeding 3 million mt, while shipments from the US-based North Star mill, which continued to operate at its full post-expansion production rate, increased by three percent to 2.98 million mt. Meanwhile, shipments from BlueScope's Asian operations declined by seven percent to 1.12 million mt.
Commenting on the results, BlueScope managing director and CEO Tania Archibald stated that the financial year was a defining period for the company, during which its major investment projects passed peak capital expenditure and began moving toward commissioning and ramp-up. She added that these developments, together with the completion of its A$200 million cost and productivity program, have positioned BlueScope to achieve higher earnings, stronger cash generation and increased shareholder returns.
For the first half of the financial year 2026-27, BlueScope expects its underlying EBIT to range between A$860 million and A$960 million, subject to steel spreads, exchange rates and market conditions.
