BlueScope Steel rewards investors with $3 AUD per share after record profits
BlueScope Steel has announced plans to return cash to shareholders after a strong financial performance. The company will distribute $3 AUD per share and launch a 1 million AUD share buyback programme. This follows the rejection of a $13.2 billion AUD takeover bid earlier last year.
In January 2024, BlueScope Steel turned down an offer from Steel Dynamics and SGH, which valued the company at $30 AUD per share. The board called the bid too low. After the rejection, share prices initially climbed but later dropped, settling at $28.37 AUD in February 2026—a 5.4% decline from the offer price.
The company's half-year profits then doubled to $382 million AUD, beating analyst expectations of $349.2 million. For the second half of the year, BlueScope projects operating earnings between $620 million and $700 million AUD.
Despite the rejected takeover, BlueScope is pushing ahead with growth plans. It will expand capacity at its North Star plant in Ohio from 3 million to 3.3 million tons annually. The firm also intends to grow in the U.S. market without a partner.
The shareholder payout and buyback come as BlueScope focuses on independent expansion. With profits rising and U.S. operations scaling up, the company is positioning itself for further growth. Investors will now watch whether the strategy delivers long-term value.
