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Australia’s BlueScope Steel Ltd (ASX: BSL) has announced it will pay a special dividend of A$1.00 per share, returning approximately A$438 million in surplus cash to shareholders. The announcement, made on Wednesday, highlights the company’s strong balance sheet position following a series of strategic asset sales and ongoing working capital releases.
The special dividend will be unfranked and reflects the successful execution of BlueScope Steel’s portfolio optimisation strategy. A major contributor to the cash return is the sale of BlueScope’s 50% stake in the Tata BlueScope Steel joint venture, which generated proceeds of around A$167 million. In addition, the company has agreed to sell land at West Dapto for approximately A$76 million, further strengthening its cash position.
Beyond these completed transactions, BlueScope is continuing to wind down residual property development projects. These projects are expected to unlock around A$200 million in working capital over fiscal years 2025 and 2026. Together, these initiatives have provided the company with significant financial flexibility, enabling it to reward shareholders while maintaining a disciplined approach to capital management.
Chief Executive Officer Mark Vassella said that BlueScope Steel’s free cash flow is expected to increase over the next 12 to 18 months as capital expenditure requirements decline. Lower capex, combined with proceeds from asset sales and improved working capital efficiency, positions the steelmaker to navigate market volatility while continuing to invest selectively in its core operations.
For investors, the special dividend represents a meaningful cash return on top of any ordinary dividends. BlueScope Steel shares will trade ex-dividend from January 20, meaning investors must own the stock before that date to be eligible for the payment. The dividend is scheduled to be paid on February 24.
The announcement underscores BlueScope Steel’s focus on shareholder returns, balance sheet strength, and prudent capital allocation, factors that continue to attract attention from investors monitoring ASX-listed industrial and materials stocks.
