BlueScope (ASX:BSL): Unusual Volume Puts This ASX Stock in Focus

Sonal Goyal

26 October 2026 09:32 PM AEDT

BlueScope (ASX:BSL): Unusual Volume Puts This ASX Stock in Focus

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Key Highlights

BlueScope (ASX:BSL) traded at $33.31, up 2.94%, on Volume of 2,326,385 shares during the 26 October 2026 session.
1H FY2027 underlying EBIT is now expected to approach $1.1 billion, above the previous $860 million to $960 million range.
North Star is expected to be approaching three-quarters higher than 2H FY2026, helped by spreads of about US$810 per tonne.

BlueScope Steel Limited (ASX:BSL) traded at $33.31, up 2.94%, on volume of 2,326,385 shares during the Trading session on 26 October 2026. The volume was unusual, meaning at least 50% above the stock's Average Daily Volume over the last month. BlueScope is a Melbourne-based steel producer with operations in Australia and North America. On the same day it released an upgrade to its first-half FY2027 Earnings guidance.

Guidance Upgrade Released on 26 October 2026

BlueScope said it now expects 1H FY2027 underlying EBIT to approach $1.1 billion, above the previous range of $860 million to $960 million. The company attributed the increase mainly to higher than anticipated earnings from North Star on higher US steel spreads, along with improved performance in Buildings and Coated Products North America and Australian Steel Products. Its chief executive said conditions across the US steel industry and key North American end markets remain favourable.

North America Outlook

The North America region is now expected to deliver a result around two-thirds higher than 2H FY2026. North Star is expected to be approaching three-quarters higher, with benchmark US mini-mill spreads now expected at about US$810 per tonne for the half, against about US$750 per tonne assumed previously. The company also cited operating performance and delivery of volumes from its debottlenecking project, expected to lift despatch volumes.

Buildings and Coated Products North America is expected to be around 50% higher than 2H FY2026, mainly from the West Coast Steelscape Business on higher despatch volumes and higher realised prices, with Buildings North America modestly higher on improved operating margins. The company notes benchmark prices may not represent realised mill prices and that correlation varies by half.

Australia and Other Businesses

Australian Steel Products is now expected to deliver earnings approaching double 2H FY2026. Higher domestic despatch volumes and realised spread outcomes are expected to more than offset slightly softer benchmark spread assumptions in prior guidance. Earnings across the remaining businesses are broadly in line with expectations in the August guidance update.

BlueScope's release states that its chief executive said the United States continues to demonstrate why it is an attractive place to make and sell steel, and that the North American footprint is positioned to benefit from industrial investment. The company also notes the first-half performance reinforces confidence in its portfolio. Footnote disclosure in the release explains that most sales are priced off Midwest regional benchmarks on a short lag, with a minority on longer-term pricing.

About BlueScope

BlueScope is based at 181 William Street, Melbourne. Its businesses include North Star in the US, Buildings and Coated Products North America and Australian Steel Products. Its 2026 AGM is on 16 November at 10.00am in Wollongong and online.

The release was authorised by the board and lists the head of Investor relations and head of corporate affairs as contacts. The guidance relates to underlying EBIT, a measure that excludes items the company treats as outside underlying operations, for the first half of FY2027, which ends on 31 December 2026.

Risks

The guidance depends on US steel spreads, volumes and conditions that the company calls dynamic. Benchmark spreads may differ from realised prices, and a range of factors can alter results in a given half.

Catalysts on Investors' Radar

The AGM on 16 November, where further detail on operating conditions will be given, and the 1H FY2027 result are the named items.

Final Perspective

BlueScope traded on unusually high volume and a higher price on 26 October, the same day it lifted guidance. The release sets out the regional drivers and a new earnings level of approaching $1.1 billion.

FAQs

Q: What is BlueScope's new guidance?

A:1H FY2027 underlying EBIT approaching $1.1 billion.

Q: What was the previous range?

A:$860 million to $960 million.

Q: When is the AGM?

A:16 November 2026 at 10.00am in Wollongong and online.

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