Top Page
Bluescope Steel
(Sydney:BSL)
Bluescope Steel (BSL) vs. iShares MSCI Australia ETF (EWA)
Bluescope Steel Business Overview & Revenue Model
Bluescope Steel Earnings Call Summary
Bluescope Steel Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.29B | 16.25B | 17.06B | 18.17B | 18.99B | 12.87B |
| Gross Profit | 8.85B | 6.01B | 6.68B | 2.64B | 4.71B | 2.38B |
| EBITDA | 1.01B | 994.50M | 1.99B | 2.18B | 4.38B | 2.22B |
| Net Income | 83.80M | 83.80M | 805.70M | 1.01B | 2.81B | 1.19B |
Balance Sheet | ||||||
| Total Assets | 15.78B | 15.78B | 15.68B | 15.94B | 16.61B | 13.15B |
| Cash, Cash Equivalents and Short-Term Investments | 857.60M | 857.60M | 1.09B | 1.49B | 1.68B | 1.96B |
| Total Debt | 886.00M | 886.00M | 721.50M | 786.50M | 1.32B | 1.16B |
| Total Liabilities | 4.51B | 4.51B | 4.39B | 4.90B | 6.16B | 4.99B |
| Stockholders Equity | 10.67B | 10.67B | 10.72B | 10.47B | 9.78B | 7.63B |
Cash Flow | ||||||
| Free Cash Flow | 196.60M | 179.50M | 433.70M | 1.34B | 1.71B | 897.80M |
| Operating Cash Flow | 1.41B | 1.41B | 1.41B | 2.15B | 2.47B | 1.66B |
| Investing Cash Flow | -1.24B | -1.23B | -967.00M | -979.10M | -1.76B | -757.40M |
| Financing Cash Flow | -412.10M | -423.70M | -849.20M | -1.36B | -1.05B | -295.90M |
Bluescope Steel Technical Analysis
Bluescope Steel Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$267.11M | 13.59 | 25.46% | 7.62% | -0.03% | 23.78% | |
71 Outperform | AU$3.53B | 25.76 | 8.25% | 3.66% | 0.40% | -53.09% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | AU$1.11B | 70.25 | 9.13% | 0.86% | -12.17% | -61.32% | |
58 Neutral | AU$3.87B | -229.11 | 0.14% | 1.27% | 3.98% | 70.79% | |
57 Neutral | AU$13.58B | 162.44 | 0.73% | 2.48% | -4.46% | -89.42% | |
52 Neutral | AU$543.00M | -6.71 | -16.34% | ― | -48.05% | -1394.34% |
Bluescope Steel Corporate Events
BlueScope Steel Limited has announced a new dividend on its ordinary fully paid shares, declaring a distribution of AUD 1.00 per share. The dividend does not relate to a specific period within the financial year and will trade ex-dividend on 20 January 2026, with a record date of 21 January 2026 and payment scheduled for 24 February 2026. The announcement signals an ongoing capital return to shareholders, underlining BlueScope’s capacity and willingness to provide cash distributions, which may be viewed as supportive of shareholder value and confidence in the company’s financial position.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$31.00 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel will return $438 million in surplus cash to investors via an unfranked special dividend of $1.00 per share, funded by the sale of its 50 per cent stake in the Tata BlueScope joint venture, the agreed sale of land at West Dapto, and the ongoing realisation of residual projects in its properties division. Management framed the payout as consistent with its capital management strategy and independent of any current or potential corporate proposals, noting that the special dividend replaces on-market buy-backs that are currently constrained by corporate and regulatory settings; the company expects free cash generation to accelerate over the next 12–18 months as its major investment program winds down, with a planned reduction in capex of at least $500 million in FY2027 supporting continued shareholder returns alongside growth investment.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$31.00 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel Limited has notified the market of a cessation of certain securities, with 43,534 conditional rights (ASX code: BSLAB) lapsing after the conditions attached to them were not satisfied or became incapable of being satisfied as of 12 December 2025. The lapse reduces the pool of potential future equity that could have been issued under these rights, slightly tightening the company’s prospective share capital base and clarifying its outstanding securities structure for investors.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$31.00 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel’s board has unanimously rejected an unsolicited, non-binding takeover proposal from a consortium led by SGH Limited and Steel Dynamics that sought to acquire all shares via a scheme of arrangement at an effective price below $30 per share, arguing the bid significantly undervalues the company. Chair Jane McAloon labelled the offer an opportunistic attempt to acquire BlueScope “on the cheap,” noting it is the fourth approach rebuffed by the board and that the bid fails to reflect the quality of the group’s assets, the earnings upside from a normalisation in steel spreads and FX, the benefits of a $2.3 billion capital program nearing completion, targeted earnings and cost improvements, and the potential monetisation of a 1,200-hectare land bank. The board also highlighted that the consortium’s debt-funded structure would effectively leverage BlueScope’s currently near-net-debt-free balance sheet, delivering substantial synergies to the bidders rather than existing shareholders, and reiterated its commitment to pursuing strategies that maximise long-term value while continuing to review options across the portfolio.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
SGH Ltd, a diversified Australian industrial and energy group, together with U.S.-based Steel Dynamics (SDI), has submitted a non-binding indicative all‑cash offer to acquire 100% of BlueScope Steel for AUD$30 per share, valuing the company at AUD$13.2 billion and representing premiums of up to 33% over recent trading benchmarks. Under the proposed structure, SGH would retain BlueScope’s Australia and Rest of World operations while on‑selling the North American businesses, including the North Star mill and building and coated products units, to SDI, with both buyers asserting strong strategic fit, no expected material regulatory obstacles, no need for equity funding, and an intention to retain key management and board representation to smooth the transition. The bid, which remains subject to due diligence, definitive agreements and shareholder and regulatory approvals, signals a potential reshaping of BlueScope’s global footprint and could unlock immediate value for shareholders while repositioning its Australian operations under SGH’s industrial platform and integrating its North American business into SDI’s existing steel and recycling network.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel has confirmed it received an unsolicited, non-binding and indicative proposal on 12 December 2025 from a consortium comprising Australia’s SGH Limited and US-based Steel Dynamics to acquire all BlueScope shares for $30.00 in cash per share via a scheme of arrangement. Under the structure outlined, SGH would acquire all of BlueScope before on-selling its North American businesses to Steel Dynamics, with the proposal subject to extensive conditions including due diligence, board and shareholder approvals, regulatory clearances and highly conditional debt funding support. The board, working with advisers UBS and Herbert Smith Freehills, is evaluating the offer against its view of BlueScope’s fundamental value, citing resilient earnings from its asset base, an expected uplift in cash flow as capital projects complete and working capital is released, a $2.3 billion growth investment targeting an additional $500 million in annual earnings by 2030, and significant latent value in its 1,200-hectare land portfolio now being rezoned and monetised. The company also disclosed it had previously rejected three Steel Dynamics-led approaches in late 2024 and early 2025, at prices up to $29.00 per share, on the basis they significantly undervalued BlueScope and carried material regulatory execution risk, underscoring the board’s focus on maximising shareholder value as it weighs the latest bid.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope has exchanged contracts with one of Australia’s largest home builders to sell 33 hectares of residentially zoned land in West Dapto for $76 million, with settlement now expected in the second half of FY2026 rather than the first half previously indicated. The agreed price, above recent comparable transactions at over $200 per square metre, is not expected to materially affect the company’s reaffirmed first-half FY2026 earnings guidance thanks to continued strong operating performance, while the development is set to deliver more than 350 residential lots in the Illawarra and prominently showcase BlueScope’s premium steel products. Management says the transaction underscores the significant latent value in BlueScope’s wider non-operational land bank and its ability to unlock it, a message reinforced by the recent rezoning of 200 hectares of non-operational land next to the Port Kembla Steelworks to a more flexible Special Purpose category, paving the way for a broader range of commercial and industrial developments and faster approvals, with implications for future monetisation and strategic positioning around Port Kembla.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel Limited has cancelled 217,877 ordinary fully paid shares as part of an on-market share buy-back, effective 15 December 2025. The reduction in issued capital reflects the company’s ongoing use of buy-backs as a capital management tool, which can enhance earnings per share and return surplus capital to shareholders, signalling confidence in its financial position and long-term outlook.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update on its ongoing on-market buy-back program, reporting the acquisition of 42,012 ordinary fully paid securities on the previous day, bringing the total number of securities bought back to 65,686,797. This buy-back initiative is part of the company’s strategy to optimize its capital structure and enhance shareholder value, reflecting its strong financial position and commitment to returning capital to shareholders.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel Limited announced a change in the director’s interest notice, highlighting that on December 10, 2025, Mark Vassella, a director, was granted 85,414 Alignment Rights and 56,942 Share Rights under the FY26 Alignment Rights Award and Short Term Incentive Plan. These grants were made following shareholder approval at the 2025 Annual General Meeting. This move is part of BlueScope’s incentive plans to align executive interests with company performance, potentially impacting the company’s strategic direction and stakeholder value.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update regarding its ongoing on-market buy-back program. As of December 11, 2025, the company has bought back a total of 65,686,797 ordinary fully paid securities, with 41,500 purchased on the previous day. This buy-back initiative is part of Bluescope’s strategic efforts to manage its capital structure and enhance shareholder value.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update regarding its ongoing on-market buy-back program. As of December 10, 2025, the company has bought back a total of 65,645,297 ordinary fully paid securities, with 41,500 purchased on the previous day. This buy-back initiative is part of Bluescope’s strategy to optimize its capital structure and enhance shareholder value.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced the cessation of 314,541 ordinary fully paid securities due to an on-market buy-back, effective December 8, 2025. This move is part of the company’s capital management strategy, potentially impacting its share value and reflecting its commitment to returning value to shareholders.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update on its ongoing buy-back program, reporting a total of 65,561,782 securities bought back before the previous day and an additional 42,015 securities bought back on the previous day. This buy-back initiative is part of the company’s strategy to manage its capital structure effectively, potentially enhancing shareholder value and reflecting confidence in its financial health.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced a daily update on its ongoing on-market buy-back program. As of December 8, 2025, the company has repurchased a total of 65,561,782 ordinary fully paid securities, with 50,850 bought back on the previous day. This buy-back initiative is part of Bluescope’s strategy to manage its capital structure and potentially enhance shareholder value.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update on its ongoing share buy-back program, reporting the acquisition of 50,323 ordinary fully paid securities on the previous day, bringing the total number of securities bought back to 65,460,609. This buy-back initiative is part of the company’s strategy to optimize its capital structure and enhance shareholder value, reflecting a strong financial position and confidence in its future prospects.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update regarding its ongoing on-market buy-back program, with a total of 65,418,759 securities bought back prior to the previous day and an additional 41,850 securities acquired on the previous day. This buy-back initiative reflects the company’s strategic focus on optimizing its capital structure and enhancing shareholder value.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$27.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in BlueScope Steel Limited as of November 28, 2025. The change in their substantial holding status is due to various transactions involving the purchase and sale of securities by entities controlled by First Sentier Group Limited and Morgan Stanley, affecting the voting securities and shares held by Mitsubishi UFJ Financial Group.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Citigroup Global Markets Australia Pty Limited and its related entities have ceased to be substantial holders of Bluescope Steel Ltd as of November 26, 2025. This change reflects a significant reduction in their relevant interest in Bluescope’s ordinary fully paid shares, which could impact the company’s shareholder composition and influence in the market.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel Limited recently held a site visit in New Zealand, showcasing its COLORSTEEL® product featured in a property development. This event underscores BlueScope’s commitment to sustainability and innovation in the steel industry, potentially enhancing its market position and stakeholder confidence.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update regarding its ongoing on-market buy-back program, with a total of 65,375,492 securities bought back before the previous day and an additional 1,267 securities bought back on the previous day. This buy-back initiative is part of Bluescope’s strategy to optimize its capital structure and enhance shareholder value, reflecting the company’s robust financial position and commitment to returning capital to shareholders.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update on its ongoing share buy-back program, with a total of 65,345,492 securities bought back prior to the previous day and an additional 30,000 securities acquired on the previous day. This buy-back initiative is part of the company’s strategy to optimize its capital structure and potentially enhance shareholder value, reflecting a proactive approach in managing its financial resources.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel Limited has announced an update regarding its ongoing on-market buy-back program. As of November 24, 2025, the company has repurchased a total of 65,345,492 ordinary fully paid securities, including 60,000 securities bought back on the previous day. This buy-back initiative is part of BlueScope’s strategy to manage its capital structure and enhance shareholder value.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced a daily update on its ongoing on-market buy-back program, revealing that a total of 65,240,492 securities have been bought back before the previous day, with an additional 45,000 securities purchased on the previous day. This buy-back initiative is part of the company’s strategy to manage its capital structure and potentially enhance shareholder value.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel has announced significant changes in its operational strategy, focusing on enhancing its production capabilities and market presence. The company aims to strengthen its industry positioning through strategic investments and partnerships, which are expected to have a positive impact on its stakeholders and future growth prospects.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel Limited announced that Ewen Crouch has ceased to be a director as of November 18, 2025. The announcement details Crouch’s relevant interests in securities, including holdings through trusts, which include 13,215 ordinary shares held by Pacific Custodian Pty Ltd as trustee of the BlueScope Steel Employee Share Plan Trust and 32,500 ordinary shares held by Wersley Pty Limited as trustee for Crouch Investment Trust. This change in directorship may impact the company’s governance and strategic direction.
The most recent analyst rating on (AU:BSL) stock is a Hold with a A$24.90 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
Bluescope Steel Limited has announced an update regarding its ongoing on-market buy-back program. As of November 20, 2025, the company has repurchased a total of 65,196,391 ordinary fully paid securities, with 44,101 bought back on the previous day. This buy-back initiative is part of Bluescope’s strategy to manage its capital structure and potentially enhance shareholder value.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$26.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel Limited announced that all resolutions at its 2025 Annual General Meeting were successfully passed by shareholders. This includes the re-election and election of several directors and the adoption of the remuneration report. The approval of these resolutions reflects shareholder confidence in the company’s leadership and strategic direction, potentially strengthening BlueScope’s position in the steel industry and positively impacting its stakeholders.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$26.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel’s recent Annual General Meeting highlighted the company’s remuneration framework, which is designed to attract and retain talent while aligning with strategic priorities. The Board exercised discretion in adjusting the CEO’s short-term incentive due to performance and impairment impacts, while long-term incentives showed strong results with a high return on invested capital. The company plans no changes to the remuneration framework for FY26, emphasizing its alignment with market expectations and shareholder interests.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$26.75 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel’s 2025 Annual General Meeting highlighted the company’s commitment to safety and sustainability, despite facing challenges such as cyclical soft conditions and cost escalations. The company reported an underlying EBIT of $738 million and shareholder returns of $293 million, supported by cost savings and a robust balance sheet. Key developments include the sale of its stake in the Tata BlueScope joint venture, progress in sustainability projects, and leadership changes with Tania Archibald stepping in as CEO. The company remains focused on growth and addressing energy cost challenges in Australia.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$26.75 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
At its 2025 Annual General Meeting, BlueScope Steel reported a resilient performance despite global economic challenges, with an underlying EBIT of $738 million and a 60 cents per share dividend. The company is focusing on a strategy of transformation, growth, and delivery, with a $2.3 billion investment pipeline and initiatives aimed at cost improvements and growth. BlueScope is also committed to its 2030 emissions reduction targets and 2050 net zero goal, exploring innovative technologies for decarbonization. The company is undergoing leadership changes, with Tania Archibald set to succeed Mark Vassella as CEO, ensuring a seamless transition and continued focus on safety, sustainability, and operational excellence.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$26.75 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel has announced the sale of its 50% stake in the Tata BlueScope Steel joint venture to Tata Steel. This transaction, expected to yield net proceeds of $179 million and a net profit of $70 million after taxes, allows BlueScope to focus on growth investments and initiatives within its strategic portfolio, while recognizing the value created over two decades of partnership.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$26.75 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.
BlueScope Steel has announced the appointment of Tania Archibald as the new Managing Director and Chief Executive Officer, succeeding Mark Vassella who will retire after eight years of leadership. Archibald, currently leading BlueScope’s Australian Steel Products business, brings a wealth of experience from her 30-year career at the company, including roles in finance, strategy, and business development. Her appointment is expected to drive the next phase of BlueScope’s strategy, focusing on sustainability, financial resilience, and operational excellence. The transition comes after a comprehensive global search and is seen as a positive step for the company’s future, with stakeholders expressing confidence in Archibald’s leadership capabilities.
The most recent analyst rating on (AU:BSL) stock is a Buy with a A$24.50 price target. To see the full list of analyst forecasts on Bluescope Steel stock, see the AU:BSL Stock Forecast page.