BlueScope Reports Tripling of EBIT in FY2022
BlueScope has reported FY2021 net profit after tax of AUD 1.19 billion, a AUD 1.10 billion increase over FY2020. BlueScope Managing Director and CEO Mr Mark Vassella said “Underlying EBIT for the year was AUD 1.72 billion, tripling that of FY2020. This is an impressive result. All operating segments performed exceptionally well, driven by strong demand and steel spreads. Earnings momentum built throughout the year, with the Company delivering AUD 1.19 billion in underlying EBIT in the second half.”
FY2021 Financial Headlines
Reported NPAT: AUD 1,193.3 million
Underlying NPAT: AUD 1,166.3 million
Underlying EBIT: AUD 1,723.8 million
Underlying pre-tax ROIC: 24.8%
Final dividend (unfranked): 25 cps
Special dividend (unfranked): 19 cps On market buy-back: up to $500M
The results mean BlueScope will now accelerate its strategic growth plans that will see BlueScope:
Invest for the long-term growth and resilience of the Group
Position the business for a low carbon future, with our near-term action underpinned by a five-year climate investment program of up to AUD 150 million
Continue to deliver stronger returns to shareholders.
Outlook for 1H FY2022
At the beginning of 1H FY2022, order and despatch rates in key markets remain robust. Spot steel spreads in North America are materially higher than both 2H FY2021 and longer-term averages. In light of these unusually strong conditions, the Company expects underlying EBIT in 1H FY2022 to be in the range of AUD 1.8 billion to AUD 2.0 billion. While in the medium term we see supportive industry and end use demand trends, it is uncertain how long the current robust conditions will be sustained. Expectations are subject to spread, foreign exchange and market conditions.