CANBERA (dpa-AFX) - Australia's BlueScope Steel Ltd. (BLSFF.PK, BSL.AX) reported Monday significantly higher profit in the first half, with increased sales. Further, the company announced higher dividend, and plans buy-back program of A$310 million.
Looking ahead for the second half, the company expects underlying EBIT to be in the range of A$620 million to A$700 million.
In Australia, BlueScope Steel shares closed Monday's regular trading 2.7 percent lower at A$28.37.
In the first half, BlueScope reported net profit after tax of A$391 million, a 118 percent increase from last year's A$179.1 million. Earnings per share surged to 89.1 cents from 40.8 cents a year ago.
Underlying net profit was A$382.0 million, compared to A$176.4 million last year. Underlying earnings per share were 87.1 cents, compared to prior year's 40.2 cents.
Underlying EBIT grew 81 percent year-over-year to A$557.5 million, and underlying EBITDA climbed 39 percent to A$915.3 million.
Sales revenue from continuing operations increased 4 percent to A$8.22 billion from A$7.91 billion last year.
Further, BlueScope said it is targeting shareholder returns of A$3.00 per share in the 2026 calendar year, comprising already announced A$1.00 per share special dividend and an increased A$1.30 per share target annual ordinary dividend level.
The company announced 65.0 cents per share interim dividend, up 117 percent from 30.0 cents last year, payable on March 3, on record on February 23.
The company also plans an on-market buy-back program of A$310 million, or other return method, equivalent to around 70 cents per share.
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