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Annual Report 2019/20 Bluescope Annual Report

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Annual Report 2019/20 Bluescope Annual Report Annual Report 2019/20 BlueScope Annual Report We create and inspire smart solutions in steel, to strengthen our communities for the future. Contents Chairman’s Message Section 01 Directors’ report Section 02 Financial report Section 03 Extended financial history Section 04 Shareholder information and corporate directory BlueScope Steel Limited | ABN 16 000 011 058 Chairman’s Message I write to you as COVID-19 has presented unprecedented challenges for our business, not to mention its effect on the global economy and on our very way of life. John Bevan Resilient business model Chairman The Company maintained high levels of business activity throughout the June half of FY2020. The Australian Steel Products segment saw domestic despatch volume increase three per cent in FY2020. In the US, despite closures of major automaker customers from mid-March to mid-May, North Star maintained capacity utilisation of over 90 per cent during 2H FY2020. BlueScope is capable of withstanding some of the toughest conditions that the economy has thrown at us. Accordingly, your Board has approved the payment of an 8 cents per share final dividend. The Board of Directors and I commend all BlueScope Capital management people for the way they have responded and adapted During FY2020, BlueScope bought back $229 million to this change and disruption, while safely of shares on-market and paid $71 million in dividends. maintaining manufacturing operations and keeping customers supplied with quality steel products. A key element of BlueScope’s strategy is to maintain strong financial capacity to weather industry and While the effect of the pandemic has been economic cycles and deliver on value creating unparalleled, I am confident BlueScope is well investment opportunities. To this end, our priority placed to succeed through periods of uncertainty, is the North Star BlueScope Steel expansion where with a geographically diverse business model, strong we expect to spend in the range of US$375 million balance sheet and highly capable people ready to to US$450 million during FY2021. Accordingly, adapt and respond as challenges arise. BlueScope’s buy-back program will remain on hold Throughout this time, BlueScope has shown once until there is a demonstrable improvement in again the resilience in its earnings, the quality of its business conditions. cash flow and the strength of the balance sheet. Safety Tragically, in May, a contractor was fatally injured while working at the berth at the Port Kembla CAPITAL Steelworks. The Company will learn from the findings MANAGEMENT FINAL DIVIDEND of the investigation into this tragic accident. The 8CPS (UNFRANKED) health, safety and wellbeing of our employees remains our primary focus. 01 BlueScope Annual Report FY2020 FINANCIAL HEADLINES REPORTED UNDERLYING $96.5M NPAT $353M NPAT UNDERLYING % UNDERLYING $564 M EBIT 7. 6 ROIC During the year, the Board Health, Safety and We continue to review and adapt our strategy to Environment Committee endorsed the launch of drive performance and deliver on Our Purpose. the Company’s new HSE strategy, which enshrines The strategy aims to: a new approach to safety at BlueScope. » transform BlueScope to deliver a step change in It incorporates a holistic mindset about risk, customer experience and business performance seeing it as an opportunity to learn and improve – including through digital technology and our safety performance, and thus move away from the approach to climate change and sustainability; metrics-based method traditionally used to measure progress and as a basis for a reactive response » grow our portfolio of sustainable steelmaking and to risk management. world leading coating, painting and steel products businesses; and This shift in thinking is based on the belief that safety reflects the capacity to manage risk in variable » deliver a safe workplace, an adaptable organisation conditions, and that the knowledge and experience and strong returns. of our people contribute to safer work environments. Major portfolio initiatives underway at present It recognises that this will not be achieved through are the expansion of the North Star US mini-mill and paperwork and compliance alone. Rather, directly reconfiguration of the New Zealand and Pacific engaging with employees to learn from their Islands segment. hands-on workplace knowledge, experience and relationships can deliver demonstrably improved North Star BlueScope Steel safety performance and behaviours. expansion Our Purpose and Strategy The cornerstone project to expand the North Star mini-mill in Delta, Ohio, by around 850,000 tonnes The Company has launched its Purpose statement: per annum is proceeding, although at a slower pace to preserve cash flow as a result of the effects of COVID-19 on our business. The project is progressing “We create and inspire smart well and on track for commissioning during solutions in steel, to strengthen 2H FY2022. our communities for the future” We have been encouraged by North Star’s performance during the past six months and by Our Purpose speaks to why we operate and where the rate of capacity rationalisation in the immediate we want to be – to see our people work together region and the broader US market, further reinforcing to inspire our customers, meet our sustainability our belief in the investment case. commitments, deliver value to our shareholders and strengthen communities for the long term. 02 New Zealand & Pacific Islands Sustainability review and restructure Substantial progress has been made on a strategic Being resilient and building review of the Company’s operations in New Zealand a sustainable future remains that began during the second half. This review central to our strategy. is targeting a reconfiguration of the business by delivering a change in product mix, cost and productivity improvements. Our intention is to deliver Significant work is underway to review supply an appropriate level of profitability and sustainability chain sustainability, with 103 supplier assessments by making the business more fit for purpose and fit completed to date and 70 underway. BlueScope’s for market. Modern Slavery Statement has recently been published on our website, and we continue to While we are confident we can deliver on this plan, focus on our approach to managing the risks in the event that the improvements are not achieved, of modern slavery. the business may shift to external supply of products, and primary steelmaking operations at Glenbrook We continue to make progress on building diversity may cease. in the workplace, and seek to build our diversity pipeline through targeted initiatives, and the A $197.0 million write-down was recognised in promotion of careers in science, technology, the New Zealand and Pacific Islands segment in engineering and mathematics. the FY2020 financial results based on updated expectations of lower sustainable earnings in the longer-term from the current business model. 03 BlueScope Annual Report BlueScope’s FY2020 Sustainability Report was Board composition published this month, highlighting the Company’s In February we welcomed Ms Kathleen Conlon progress towards the five outcomes that reflect the to the Board. Kathleen brings over 20 years of sustainability challenges and opportunities of most professional management consulting experience importance to our stakeholders and to BlueScope’s specialising in strategy and business improvement. longer-term success: She joined the Chicago office of The Boston » Strong and sustainable business Consulting Group (BCG) in 1985, before transferring to Sydney and leading BCG’s Asia Pacific operations » Safe and inclusive workplaces practice. Her experience, deep knowledge and insights are a valuable addition to the Board and of » Responsible products and supply chains benefit to BlueScope in the execution of its strategy. » Climate change action Lloyd Jones retired from the Board at the Annual » Strong communities General Meeting last November. Lloyd was a great contributor to BlueScope in his seven year term on the Board, and in particular his insights on Taking action on climate change is a key pillar of our world-class manufacturing were of great benefit to strategy, and is the focus of BlueScope’s new Climate the Company. On behalf of the Board I wish Lloyd Change Council. We continue to investigate the well for the future. decarbonisation pathway and timeframe appropriate for our business. Conclusion BlueScope has played a foundational role in the We face an uncertain environment in the year ahead establishment of ResponsibleSteelTM, the steel due to the risk of continued disruption from the sector’s first global multi-stakeholder standard and effects of COVID-19 on demand, supply chains and certification program. The ResponsibleSteelTM operations, combined with broader macroeconomic Standard, defining the performance expectations to weakness dampening demand. support the responsible sourcing and production of steel, was launched during the year. The Company In light of this, BlueScope is not providing specific has committed our largest global manufacturing site, underlying EBIT guidance for 1H FY2021. However, the Port Kembla Steelworks, to the ResponsibleSteel™ the resilience of BlueScope’s business, and the Standard and Certification scheme. strength of its balance sheet should place the Company in a good position to withstand the To ensure all BlueScope people continue to act fairly, challenges ahead. ethically and with integrity, helping create lasting benefits for our customers,
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