Bluescope provoked panic this month when it warned of the dangers of cheap steel arriving in large volumes. 

The Australian steelmaker was explaining its $203.5-million, 20 per cent decrease in full-year net profit after tax, after experiencing bumper years during Covid. 

Bluescope blamed “low Asian steel spreads” and “lower despatch volumes” from China for the decline and set the mainstream media abuzz with concerns over whether China’s crackdown on its domestic property market—and therefore demand for Australian iron ore to fuel its previously insatiable appetite for steel—would adversely impact Australia.

▲ Bluescope delivered an underlying EBIT of $376.9 million, 30 per cent lower than FY2023, it told the markets this month.