Aug 19, 2024 / 12:00AM GMT
Mark Vassella – BlueScope Steel Ltd – Chief Executive Officer, Managing Director, Executive Director
Good morning, and welcome to the BlueScope FY24 financial results presentation. I’m Mark Vassella, and I’m joined this morning by David Fallu, our Chief Financial Officer. Together David and I will take you through the results materials after which we’ll have time for Q&A.
We’re joining you today from BlueScope’s head office in Melbourne, part of the Eastern Kulin Nation and I’d like to acknowledge the traditional custodians of this land, the Wurundjeri peoples. We pay our respects to elders, past, present and emerging and to all First Nations people joining us today.
Despite the volatile macro conditions in FY24 BlueScope delivered a resilient performance. Underlying EBIT of $1.34 billion and a return on invested capital of 11.9% as strong contributions from North Star and the downstream and value add components of the business offset the impact of soft spreads in Asia on our steelmaking operations.
Particularly in the second half as regional spreads dropped below the long
