BlueScope Steel (BSL) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a Welcome to Country and acknowledgment of traditional owners, highlighting community engagement and cultural respect.

• The agenda included board introductions, procedural matters, and an outline of the business and resolutions to be considered.

Financial performance review

• FY2024 saw resilient financial results despite global macroeconomic and steel industry volatility.

• Underlying EBITDA was AUD 1.34 billion, with an 11.9% return on invested capital and a net cash position of AUD 364 million.

• Over AUD 500 million was returned to shareholders and over AUD 300 million invested for growth.

• Ongoing cost and productivity initiatives target an additional AUD 200 million in annualized earnings improvement.

Board and executive committee updates

• Alistair Field joined the board, bringing extensive industry experience, and stood for election.

• Five directors have been appointed in the last three years, with planned succession and overlap to retain corporate memory.

• Changes in executive leadership included new appointments and upcoming retirements in key roles.