BlueScope has reported a net profit after tax (NPAT) of $805.7 million for FY2024, marking a $203.5 million decline from FY2023.
Despite this decrease, Managing Director and CEO, Mark Vassella, emphasised the company’s strong performance in light of ongoing macroeconomic and industry challenges.
“Underlying EBIT for the year was $1.34 billion, which reflects a solid performance amidst volatility,” Vassella stated.
He credited the resilience of BlueScope’s US steelmaking and global downstream operations, which helped offset the impact of low-cycle Asian steel spreads on the company’s Australian and New Zealand steelmaking businesses.
Operating cash flow for the year, after capital expenditure, was reported at $434 million, down from FY2023.
This decrease was attributed to slightly lower earnings, increased working capital, and higher capital expenditure as BlueScope invests in long-term sustainable growth.
Despite the reduced operating cash flow, the company maintained a strong balance sheet, ending the year with $364 million in net cash.
Vassella acknowledged the critical role of BlueScope’s customers and employees, thanking them for their contributions to the company’s ongoing success.
Throughout FY2024, BlueScope continued to advance its ‘Transform, Grow, Deliver’ strategy.
Notable achievements included the ramp-up of the North Star expansion in the US, alongside the Board’s approval for additional debottlenecking and the evaluation of further value chain integration with a potential cold rolling and metal coating facility.
In Australia, the company progressed with a new metal coating line in Western Sydney and the blast furnace reline and upgrade at Port Kembla. In New Zealand, BlueScope commenced a project to install an electric arc furnace at the Glenbrook site.
Additionally, BlueScope is positioning its 1,200 hectares of land across Australia and New Zealand for strategic value, with a near-term focus on residential land supply at West Dapto and a SuperTAFE at Port Kembla.
The company also made significant strides towards unlocking a low-carbon future for its operations and the broader iron and steelmaking industry.
