BlueScope Steel Declared Best Half-Yearly Result in Two Decades

SEATTLE (Scrap Monster): BlueScope Steel announced financial results for the first half-yearly period of FY2022.

The company reported net profit after tax (NPAT) of $1.64 billion, significantly higher from 1H FY2021 by $1.31 billion. The underlying EBIT for the period was $2.20 billion. This was the best half-yearly performance by the company in the past two decades. The operating cash flow, after capital expenditure, stood at $688 million. The balance sheet showed net cash of $696 million as at the end of the period. The board approved an interim unfranked dividend of 25 cents per share.

BlueScope Steel confirmed that Port Kembla Steelworks and its steel processing sites have been awarded ResponsibleSteel site certification.

During 1H FY2022, the company signed Memorandum of Understanding (MoU) with Rio Tinto to boost low emissions steelmaking. Another MoU was signed with Shell Energy Operations to explore and develop renewable hydrogen projects at Port Kembla. Furthermore, it plans reline and upgrade of the mothballed No.6 blast furnace at Port Kembla operations.

The company announced changes to Executive Leadership team with effect from 1st January, 2022. Gretta Stephens has taken on an expanded role as Chief Executive Climate Change & Sustainability. Robin Davies has been appointed Chief Executive New Zealand & Pacific Islands, replacing Gretta Stephens.

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