Highlights

• BlueScope progressed the No.6 Blast Furnace reline at Port Kembla through FY2026 as one of its major capital projects.

• The project is intended to secure future iron Supply for the Port Kembla Steelworks and provide a bridge toward lower-emissions ironmaking technology.

• BlueScope targeted start-up of the relined furnace in late 2026, with flexibility in cutover timing supported by the existing No.5 Blast Furnace.

• The reline forms part of a broader Investment program that also includes upgrades to steelmaking and Downstream Manufacturing assets.

• Execution, commissioning and capital discipline remain central factors as BlueScope moves major projects from construction into operation.

BlueScope Steel Limited (ASX:BSL) is a global steel manufacturer and a leading producer of metal-coated and painted steel products used across building and construction markets. In 2026, the company continued progressing the No.6 Blast Furnace reline at its Port Kembla Steelworks, a project designed to support the continuity of domestic ironmaking while creating a pathway toward future lower-emissions technologies. The project sits within BlueScope's broader program of major investments moving from construction toward commissioning and operational delivery.

Reline Moves Through a Critical 2026 Phase

BlueScope identified the No.6 Blast Furnace reline as one of the major projects advancing through FY2026. The company said the project is intended to secure future iron supply for the Port Kembla Steelworks and act as a bridge to lower-emissions ironmaking technology. In its FY2026 reporting, BlueScope indicated that start-up was targeted for late 2026. Performance from the existing No.5 Blast Furnace also provided flexibility around the timing of the transition to the relined furnace.

Port Kembla Remains Central to Australian Steelmaking

The Port Kembla project supports BlueScope's Australian flat-steel operations and downstream branded products. Reliable ironmaking capacity helps maintain production of hot rolled coil, cold rolled coil, plate and value-added coated and painted steel. The reline therefore links primary steelmaking capability with manufacturing activities across BlueScope's Australian operations.

Technology Pathway Extends Beyond the Existing Furnace

BlueScope has framed the reline as an interim step rather than the final stage of its steelmaking technology pathway. During 2026, the company continued work on studies examining lower-carbon ironmaking using direct reduced iron and electric smelting furnace technology. The approach is intended to test how future steelmaking methods could use Australian iron ores while reducing emissions intensity. The No.6 Blast Furnace reline provides operating continuity while those next-generation Options continue to be assessed.

Major Projects Shift Toward Operational Delivery

The reline is progressing alongside other projects advanced during FY2026, including the Port Kembla Plate Mill upgrade and new manufacturing capacity elsewhere in the network. With the investment program nearing completion, the focus is shifting toward commissioning, ramp-up and integration into existing production systems.

Execution Risks Remain Part of the Industrial Upgrade

Large-scale furnace relines involve complex engineering and commissioning requirements. BlueScope must manage the cutover between existing and relined equipment while maintaining production continuity and safety. Energy costs, steel spreads and input-cost movements also remain relevant to the Economics of major industrial assets.

Key Insights

BlueScope's No.6 Blast Furnace reline is a significant 2026 operational milestone, supporting continued iron supply at Port Kembla while lower-emissions steelmaking options are assessed. It also reflects the company's shift from construction toward commissioning and operational delivery. Late-2026 start-up activities and integration with the wider site will be central to how the project supports manufacturing continuity and longer-term technology transition.