Bluescope Steel (ASX:BSL) triples its earnings in FY21

Company News

by Lauren Evans

Australian steel producer Bluescope Steel (ASX:BSL), reports a record performance in underlying earnings before interest and taxes (EBIT) of $1.72 billion for the period ending 30 Jun 2021 (FY21), tripling from the prior year.

The result reflects of all its operating segments driven by strong demand and steel spreads. Earnings momentum built throughout the year, with the company delivering $1.19 billion in underlying EBIT in the second half of FY21.

Net profit after tax (NPAT) reached $1.19 billion, a $1.10 billion increase from the prior year and operating cash flow after capital expenditure reached $898 million. 

Bluescope plan to implement a strategy that will see the company invest for the long-term growth, position the business for a low carbon future and continue to deliver stronger returns to shareholders.

A final unfranked dividend of 25 cents per share, up from 8 cents from the prior year. 

CEO Mark Vassella said: “Today’s outstanding results are the product of our clear strategy and disciplined financial framework, and the
operating leverage of our diverse portfolio. Most importantly, the performance is a tribute to the efforts of our 14,000 people across all 18 countries who have served customers and communities throughout the most difficult pandemic circumstances.”

Shares in Bluescope Steel (ASX:BSL) are trading 1.5 per cent higher at $25.87.  

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