BlueScope Steel FY profit slumps on impairment hit; shares slide

Investing.com-- Bluescope Steel (ASX:BSL) reported a sharp fall in annual profit on Monday, hit by weaker steel spreads and a hefty impairment at its U.S. coated products unit, sending its shares to over a seven-week low.

The Australian steelmaker posted net profit after tax of A$83.8 million for the year to June 30, significantly down from A$805.7 million a year earlier.

Underlying earnings before interest and taxes (EBIT) fell to A$738 million, compared with A$1.34 billion a year earlier. The result included a A$439 million impairment charge related to the BlueScope Coated Products business acquired in 2022.

Sydney-listed shares of the company fell as much as 7% to A$22.55, their lowest level since late June. The stock pared some losses to trade 2.3% lower at A$23.67 as of 01:47 GMT.

The company declared a final dividend of 30 Australian cents a share.

BlueScope expects a recovery in the first half of FY2026, forecasting EBIT of A$550–620 million, supported by cost cuts and improving U.S. steel spreads.