Bluescope Steel Ltd (BLSFF) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.773 -- 00:00:06.622 Good morning and welcome to Bluescope's first half FY25 financial results presentation. 00:00:06.622 -- 00:00:11.549 I'm Mark Vassella and I'm joined this morning by David Fallew, our Chief Financial Officer. 00:00:11.549 -- 00:00:15.375 David and I will take you through the results materials, after which we'll have time 00:00:15.375 -- 00:00:17.535 for Q&A. 00:00:18.019 -- 00:00:22.045 We're joining you today from Bluescope's head office in Melbourne, part of the Eastern 00:00:22.045 -- 00:00:27.292 Kulin Nation. I'd like to acknowledge the traditional custodians of this land, the Wurundjeri 00:00:27.292 -- 00:00:32.492 peoples. We pay our respects to elders, past, present and emerging, and all First 00:00:32.492 -- 00:00:35.813 Nations people joining us today. 00:00:36.236 -- 00:00:38.219 Now to the highlights. 00:00:38.219 -- 00:00:42.243 Despite the challenging macroeconomic environment and bottom of the cycle conditions 00:00:42.243 -- 00:00:47.610 in the first half of FY25, Bluescape remained profitable, demonstrating our business 00:00:47.610 -- 00:00:49.852 model's resilience. 00:00:49.852 -- 00:00:54.980 The business produced an underlying EBIT of $309 million, and a return on invested 00:00:54.980 -- 00:01:00.307 capital of 8.1% against these challenging macro conditions. 00:01:00.307 -- 00:01:05.553 During the half, we delivered $162 million in shareholder returns 00:01:05.553 -- 00:01:10.219 and finished with an $88 million net cash balance sheet. 00:01:10.219 -- 00:01:16.406 Critically, we're ensuring we're balancing near-term performance with longer-term growth. 00:01:16.406 -- 00:01:21.744 I'll touch on this in more detail shortly, but in short, We're well underway 00:01:21.744 -- 00:01:27.031 on our $200 million cos...