BlueScope Steel (ASX:BSL): FY26 Earnings Rise as North America Leads Performance

Aditi Sarkar

08 October 2026 11:23 PM AEDT

BlueScope Steel (ASX:BSL): FY26 Earnings Rise as North America Leads Performance

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Highlights

FY26 reported net profit after tax was A$802.0 million, while underlying EBIT reached A$1,273.4 million.
North America was the largest Earnings contributor, supported by higher steel spreads during the year.
BlueScope declared a 65.0-cent final ordinary Dividend and a 70.0-cent final Special Dividend for FY26.
The company completed its A$200 million cost and productivity programme and is targeting further benefits in FY27.
First-half FY27 underlying EBIT guidance is A$860 million to A$960 million, subject to steel spreads and economic conditions.

BlueScope Steel Limited (ASX:BSL) is a global steel manufacturer and a major supplier of metal coating and painting products used in building and construction markets. Its FY26 result highlighted higher earnings, a larger contribution from North America, record despatches of COLORBOND® and TRUECORE® steel in Australia, and an expanded Capital return programme for FY27.

FY26 Earnings Increased Across Key Businesses

For the year ended 30 June 2026, BlueScope reported net profit after tax of A$802.0 million. Underlying NPAT was A$851.2 million and underlying EBIT was A$1,273.4 million. The company said the result reflected higher US steel spreads, record performance in Southeast Asia, cost management and record despatches of COLORBOND® and TRUECORE® steel in Australia.

North America was the main earnings contributor, with the region benefiting from favourable steel spreads. Southeast Asia also delivered record earnings, while the Australian Business recorded record despatches of key branded steel products. These outcomes underline the geographic mix of BlueScope’s portfolio and the importance of regional pricing conditions to group earnings.

Cost Programmes Supported FY26 Performance

BlueScope (ASX:BSL) completed its A$200 million cost and productivity programme during FY26. The company is now targeting a further A$150 million of cost benefits in FY27. These initiatives are intended to improve operating efficiency across the group, although realised benefits can still be influenced by labour, energy, raw-material and other operating costs.

Capital Returns Increased in FY26

The board declared a 65.0-cent final ordinary dividend and a 70.0-cent final special dividend for FY26. Together with other Shareholder returns during calendar 2026, these distributions completed BlueScope’s plan to deliver A$3.00 per share in shareholder returns for the calendar year.

For FY27, BlueScope has outlined a further plan to deliver total shareholder returns of A$3.00 per share. The outcome will depend on actual cash generation, operating performance and future board decisions.

FY27 Outlook Remains Linked to Steel Spreads

BlueScope (ASX:BSL) guided to first-half FY27 underlying EBIT of A$860 million to A$960 million. The range is subject to steel spreads and economic conditions, particularly in North America, where earnings can move materially as steel selling prices and input costs change.

The company is also nearing the end of a five-year, A$2 billion Investment programme. Major projects include a new metal coating line in Western Sydney, the No.6 Blast Furnace reline and the Plate Mill upgrade at Port Kembla Steelworks. These investments are designed to support capacity, resilience and future product growth.

Key Insights

BlueScope’s FY26 result was shaped by higher North American earnings, record Southeast Asian performance and improved cost outcomes. The company also increased shareholder distributions while continuing major investment in its Australian operations. For FY27, the central operating variables remain steel spreads, economic conditions, delivery of additional cost benefits and execution of the group’s major capital projects.

FAQs

Q: What was BlueScope Steel’s FY26 net profit?

A:BlueScope reported FY26 net profit after tax of A$802.0 million.

Q: What was BlueScope’s FY26 underlying EBIT?

A:Underlying EBIT was A$1,273.4 million for FY26.

Q: What dividends did BlueScope (ASX:BSL) declare for FY26?

A:The company declared a 65.0-cent final ordinary dividend and a 70.0-cent final special dividend.

Q: What is BlueScope’s first-half FY27 EBIT guidance?

A:BlueScope guided to underlying EBIT of A$860 million to A$960 million for the first half of FY27.

Q: What cost benefits is BlueScope targeting in FY27?

A:The company is targeting a further A$150 million of cost benefits in FY27 after completing its A$200 million programme in FY26.

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