Australia's BlueScope posts profit beat, sees earnings above expectations
Australia's biggest steelmaker BlueScope said on Monday it more than doubled its annual profit, driven by higher US steel spreads and a stronger performance at its Southeast Asian operations, and forecasted higher-than-expected first-half 2027 earnings.
It reported underlying net profit after tax of A$851.2-million ($602.99-million), versus A$420.8-million reported a year before, beating a Visible Alpha consensus estimate of A$844.7-million.
"Operating conditions remain mixed, with continued strength in North America, recovery underway in Australia and strong momentum across Southeast Asia, while Chinese overcapacity continues to weigh on Asian spreads," the company said.
BlueScope said it expects to record underlying earnings before interest and taxes in the first half of 2027 in the range of A$860-million to A$960-million, versus a Visible Alpha consensus estimate of A$819.5-million.
"Guidance ahead of consensus is positive, with ongoing focus on cost discipline and realisation of better US spreads," said analysts at Jefferies in a note.
The company declared a final ordinary dividend of A$0.65 per share and announced a special dividend of A$0.70 per share, bringing its 2026 capital returns to A$3 per share.
BlueScope said it plans to return A$3 per share to shareholders in the 2027 financial year.
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