Earnings call transcript: BlueScope posts strong H2 2026, stock slips 2.4%

BlueScope reported strong H2 2026 earnings, with underlying EBIT of AUD 1.27 billion and net profit after tax just over AUD 800 million, both exceeding expectations. The company's performance was driven by North Star in North America and Australia, while Asia faced challenges due to weak conditions in China and low steel spreads.

Despite the positive results, BlueScope's shares slipped 2.4% to $32.88, near the upper end of its 52-week range, suggesting profit-taking after a strong run. The company's FY26 results indicate a transition from a heavy investment phase to a more cash-generative period, with stronger realized pricing, better volumes in Australia, and record performance in Southeast Asia.

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