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Bluescope Reports Record Earnings

Australia’s favourite steel producer have announced their full year results, reporting record earnings for the company despite a tumultuous year in the industry as a whole.

In order to cut through some of the noise in the report, the highlights are reported below:

  • Revenue of $19.03 billion, up 47% on FY21

  • Record underlying EBIT of $3.79 billion, up 119% on FY21

  • Net profit after tax (NPAT) of $2.81 billion, up 135.49% on FY21

  • Net cash flow from operating activities of $2.47 billion, up 40% on FY21

  • Final unfranked dividend of 25 cents a share

Bluescope benefitted from more favourable steel spreads in FY22 which, in turn, contributed to its higher earnings. 2.5 million tonnes of steel was shipped domestically in FY22 as demand held strong. A great generator of shareholder value by the company will be expanding in the form of an expanded share buy-back program.

The North Star segment was up 181% on FY21 to $1.9 billion. Australian Steel Products was also up 92% to $1.29 billion while New Zealand and Pacific Islands recorded a 76% increase to $229 million.

It also declared a final unfranked dividend of 25 cents per share. The company says having “exhausted Australian tax losses in FY2022″, it expects to begin to frank dividends in FY23.

Bluescope Managing Director and CEO Mark Vassella stated:

“BlueScope has delivered for shareholders in FY2022. The Company made nearly $1 billion in shareholder returns, with $344 million in dividends and $638 million in on-market buy-backs.”

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