BlueScope Steel Reports 64% Fall in Full-Year Profit

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Australian steelmaker BlueScope Steel announced a significant decline in its full-year profit, attributing it to weaker market prices. Despite this setback, the company stated that it would proceed with its share buyback plan.

In the period spanning June of the previous year to June of this year, BlueScope recorded a net profit of AUD 1.01 billion (approximately USD 647 million), experiencing a sharp decrease from the AUD 2.81 billion earned during the same period in the previous year.

The company’s directors declared an interim dividend of 25 Australian cents per share, aligning it with the payout from the previous year. Furthermore, they revealed that an increase in the buyback program would allow BlueScope to repurchase up to AUD 400 million worth of stock in the coming year.

BlueScope’s underlying earnings before interest and taxes (EBIT) were reported at AUD 1.61 billion, reflecting a 58% YoY decrease. Despite this downturn, the company emphasized that fiscal year 2022 marked a record achievement while their fiscal year 2023 underlying EBIT ranks as the third-highest since their listing.

In a statement, BlueScope remarked, “This result was achieved amidst a softer and more volatile macroeconomic environment, underscoring the resilience of BlueScope’s diversified business model.”

For the first half of fiscal year 2024, the company projects an underlying EBIT between AUD 700 million and AUD 770 million.

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