By Digifin Pty Ltd · About this coverage
Key Points
- 1H FY2027 underlying EBIT now expected to be approaching $1.1 billion
- Previous guidance range was $860–$960 million
- North Star benchmark spread assumption now around US$810/t, from approximately US$750/t
- Australian Steel Products earnings expected to approach double 2H FY2026
- Further detail on operating conditions due at the 16 November AGM
About BlueScope (ASX:BSL)
BlueScope Steel Limited is an ASX-listed steel producer headquartered in Melbourne. It manufactures and markets flat steel products and coated and painted steel building products, including the COLORBOND and TRUECORE brands, and operates the Port Kembla steelworks in New South Wales and the North Star mill in Ohio. It also has operations in New Zealand, Southeast Asia and elsewhere in North America.
BlueScope (ASX:BSL) raised its first-half earnings guidance after stronger US steel spreads at North Star and better results in its North American coated products and Australian steel businesses.
The company now expects 1H FY2027 underlying EBIT to be approaching $1.1 billion, above the previous guidance range of $860–$960 million. The North America region is expected to deliver a result around two-thirds higher than 2H FY2026. North Star is expected to deliver a result approaching three-quarters higher than 2H FY2026, mainly from stronger benchmark steel spreads: prior guidance assumed benchmark US mini-mill spreads of approximately US$750/t, and the current view for the half is around US$810/t. North Star also expects higher than anticipated despatch volumes, helped by its debottlenecking project. Buildings and Coated Products North America is expected to deliver earnings around 50 per cent higher than 2H FY2026, driven mainly by stronger despatch volumes and higher realised prices at Steelscape. Australian Steel Products is expected to deliver earnings approaching double that of 2H FY2026, as stronger domestic despatch volumes and realised spreads more than offset slightly softer benchmark spread assumptions. Earnings across the remaining businesses are broadly in line with August guidance.
The new figure is an expectation for the half, not a result, and no new range is given. BlueScope notes that benchmark prices may not be representative of realised mill prices, and says further detail on operating conditions will be provided at its 16 November AGM.
Source: BlueScope Steel Limited (ASX:BSL), 26 October 2026. Summary content supplied by Digifin Pty Ltd.
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