Australia's BlueScope posts profit beat, sees earnings above expectations (updated)

BLUESCOPE STEEL

17/08/2026 24:45

Adds details in paragraph 2-5
Aug 17 (Reuters) - Australia's biggest steelmaker BlueScope BSL.AX said on Monday it more than doubled its annual profit, driven by higher U.S. 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 65 Australian cents per share and announced a special dividend of 70 Australian cents 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.

($1 = 1.4116 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru; Editing by Edmund Klamann and Christian Schmollinger)
 ((Sherin.Sunny@thomsonreuters.com;))