BlueScope Steel Limited (ASX:BSL) share price lower as FY net profit doubles to $1.57b

BlueScope Steel

The BlueScope Steel Limited (ASX: BSL) share price is lower on Monday, down 19 cents or 1.06% to $17.68 at 1120am AEST.

The steel manufacturer announced a $250 million share buyback after reporting its full-year net profit more than doubled to $1.57 billion.

The result was boosted by one-off gains totalling $743.1 million, relating to tax set-offs and the reversal of last year’s Australian steel products plant and equipment impairments, and a 9% in revenue to $11.49 billion.

BlueScope CEO and managing director Mark Vassella said strong demand for steel and improved profit margins had driven a 15% improvement in full-year underlying earnings.

“Underlying (earnings before interest and tax) strengthened to $745 million in 2H FY2018, up $220.7 million on the first half, and our best half since December 2008,” he said.

Underlying profit after tax for the year to June 30 rose 27% to $826 million.


BlueScope is forecasting a 10% jump in first-half 2018/19 underlying earnings before interest and tax, from the $745 million booked in the second-half of 2017/18.

The share price of BlueScope Steel is 30% higher than this time last year when it traded at $14.06.

with AAP 

Here’s how you can strike it rich in the share market…

The best way to strike it rich in the share market is to buy shares that are not only cheap, but growing quickly.

Combining countless hours of research with over 30 years of hands-on stock market investing experience, The Capital Club’s founder Bruce Jackson has just published his definitive list of 3 Cheap and Good ASX Stocks for 2018.

Best of all, the report is absolutely free, exclusively for readers of The Capital Club.

In this comprehensive free report, you’ll find the name of one ASX gold stock that’s not only profitable, but trading at less than 4 times forecast profits.

You’ll also discover the name of a company one fund manager has called the cheapest stock in the ASX 100, and you’ll read about the three catalysts that could push the share price higher in the next six months.

Finally, the report names one of the cheapest retailers trading on the ASX, a company that just picked up the assets of a distressed competitor on the cheap, paying just 2 times earnings. No wonder one top fund manager thinks its share price could at least double.

With the share prices of each of these 3 companies having the potential to double or more, you’ll want to act now. Simply click here or the button below, enter your email address, and this free report will be instantly sent to you.

See the 3 stocks

Contributors to this article may own shares in some of the companies mentioned in this article. The Capital Club has a thorough disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
Lauren Surplice is a keen follower of the stock market, investing in individual companies and funds. She follows the daily stock market news, covering the ASX stocks that are moving the markets. You can contact Lauren at