BlueScope Steel (BSL) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with a welcome, acknowledgment of traditional landowners, and a moment of silence for a recent workplace fatality at Port Kembla Steelworks.

• Housekeeping and voting procedures were explained, including hybrid meeting logistics and question protocols.

• The agenda included board introductions, financial and strategic updates, remuneration, and director elections.

Financial performance review

• Underlying EBIT for FY2025 was AUD 738 million, with AUD 0.60 per share dividend, despite challenging global conditions and suppressed Asian steel prices.

• Operating cash flow after CapEx was AUD 180 million, net debt stood at AUD 28 million, and AUD 293 million was returned to shareholders.

• AUD 130 million in net cost savings were achieved, offsetting cost escalations, especially in electricity.

• An impairment of AUD 439 million was recorded for the North American coated products business.

• Sale of the 50% interest in Tata BlueScope JV in India will yield net proceeds of AUD 179 million in FY2026.

Board and executive committee updates

• Two directors, Ewen Crouch and Peter Alexander, retired at the end of the AGM.

• Tania Archibald was appointed as the next Chief Executive, effective February next year, succeeding Mark Vassella.

• New appointments included Cheri Phyfer and John Nowlan to the Board, and several executive leadership team changes.