Sydney, Feb 17, 2026, 18:07 AEDT — Market’s done for the day.
- BlueScope Steel closed at A$28.00, down about 1.3% on the day
- Investors are digesting the FY26 half-year numbers, a brighter earnings outlook, and word of a bigger capital return plan.
- Coming up: Feb. 20 marks the ex-dividend date for the 65-cent interim payment.
BlueScope Steel shares retreated again Tuesday, slipping A$0.37 to A$28.00—down about 1.3% from where they finished the previous session. The Australian market closed with the stock still in the red.
Shares remain under pressure. This comes even after the steelmaker raised its second-half earnings outlook and flagged bigger cash returns only a day ago. Half-year profit beat forecasts, but the market’s mood hasn’t improved.
Shares ended down 2.7% at A$28.37 on Monday. “More like a recalibration around second-half expectations and where we sit in the cycle,” said Marc Jocum, senior product and investment strategist at Global X ETFs. Reuters
BlueScope posted a first-half net profit after tax of A$391 million, according to its ASX statement. Underlying EBIT landed at A$558 million—this number strips out one-offs and shows operating profit before interest and tax. Looking to the second half, the company expects underlying EBIT between A$620 million and A$700 million, lifted by stronger U.S. steel spreads and improved sales volumes. CEO Tania Archibald said the business is “approaching an inflection point” as major projects wrap up.
The board cleared a 65 Australian cent interim dividend per share, unfranked—meaning shareholders won’t get Australian tax credits this round, the half-year report shows. Shares lose the dividend on Feb. 20; record date is Feb. 23. That payout is scheduled for March 24. No dividend reinvestment plan this cycle. In that same report, the company reaffirmed its planned A$1-per-share special dividend for Feb. 24 and outlined a A$3-a-share capital return in 2026, part of which is a A$310 million on-market buyback.
BlueScope reported it’s selling its 50% holding in Tata BlueScope Steel to Tata Steel, booking a net pre-tax gain of A$57 million from the move. The steelmaker also highlighted a A$76 million agreement to sell 33 hectares at its West Dapto site. That deal, though, is now slated to complete in the second half.
On Feb. 2, Archibald officially took over as managing director and chief executive, after the company’s earlier announcement about a leadership change.
At the moment, the cycle is front and center. BlueScope’s optimistic outlook leans on U.S. spreads holding up. Should those spreads tumble, or if the Australian dollar unexpectedly gains ground, earnings could hit a wall—and the buyback calculus quickly becomes much trickier.
There’s talk swirling about a possible takeover, but so far, the latest filings and statements haven’t pointed to any fresh bids.
