Bluescope Steel Ltd (BLSFF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.944 Good morning and welcome to Bluescope's FY25 financial results presentation. 00:00:04.944 -- 00:00:09.876 I'm Mark Vassella and I'm joined this morning by David Fallew, our Chief Financial Officer. 00:00:09.876 -- 00:00:15.225 David and I will take you through the results materials, then we'll open it up for Q&A. 00:00:15.674 -- 00:00:18.819 We're joining you today from Bluescope's head office in Melbourne, part of the Eastern 00:00:18.819 -- 00:00:23.948 Kulin Nation. I'd like to acknowledge the traditional custodians of this land, the Wiradjuri 00:00:23.948 -- 00:00:29.076 peoples. We pay our respects to elders, past, present and emerging, and to 00:00:29.076 -- 00:00:32.739 all First Nations people joining us today. 00:00:33.363 -- 00:00:38.512 To the highlights. FY25 was a challenging year, but one where Bluescope executed 00:00:38.512 -- 00:00:41.543 well and continued to make progress. 00:00:41.543 -- 00:00:46.971 Despite volatility in US spreads and trade policies and cyclically soft conditions 00:00:46.971 -- 00:00:53.601 in Asia, driven by record-still exports from China, the group delivered a resilient result. 00:00:53.601 -- 00:00:59.751 Underpinned by our diversified portfolio and multi-domestic strategy, we recorded $738 00:00:59.751 -- 00:01:05.076 million in underlying EBIT and a return on invested capital of 6.2%. 00:01:05.303 -- 00:01:10.431 We made great progress on our cost and productivity program, continued to advance major 00:01:10.431 -- 00:01:16.180 capital projects targeting $500 million in annual earnings growth by 2030, and 00:01:16.180 -- 00:01:22.787 positioned our strategic property portfolio to realise value starting in FY26. 00:01:23.091 -- 00:01:28.119 We also continued to drive cultural and operati...