BlueScope Steel Plans to Accelerate Strategic Growth Plans

SEATTLE (Scrap Monster): BlueScope Steel reported robust results for FY2021. The company hoped to deliver strong returns, mainly on account of planned acceleration to its strategic growth plans. All operating segments announced exceptional performance, driven by robust demand and steel spreads.

The company reported net profit after tax (NPAT) of $1.19 billion during the year, which is significantly higher by $1.10 billion over the previous year. The underlying EBIT for the year tripled to $1.72 billion, with $1.19 billion coming from second half of the year. The operating cash flow for the year stood at $898 million. The balance sheet finished in a strong position with $798 million net cash.

BlueScope Steel reaffirmed its commitment to invest for the long-term growth and resilience of the Group and position itself for a low carbon future.

Mark Vassella, Managing Director and CEO, BlueScope noted that the outstanding performance is the result of its clear strategy and disciplined financial framework. He attributed the results to the efforts of over 14,000 of its employees across 18 countries for serving customers and communities in the midst of challenging pandemic circumstances.

The Board approved share buyback of up to $500 million, to be conducted over the next one-year period.

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