US Data-Center Demand Helps Boost Steelmaker BlueScope’s Profit

BlueScope Steel Ltd.'s underlying net profit more than doubled to A$851.2 million ($604 million) in the year through June 30, driven partly by a boom in data-center construction that lifted North America revenue by 9%, offsetting a 4% drop in Asia. CEO Tania Archibald said North America remains the company's 'primary growth engine' with strength in data center demand, though BlueScope is wary of data centers' impact on energy supply. The company also benefited from a 50% U.S. import levy and rebuffed a A$15 billion takeover offer from Steel Dynamics Inc. and SGH Ltd. in February.

Bloomberg -- BlueScope Steel Ltd.'s income soared, partly as a boom in data-center construction lifted sales at its North American unit. Most Read from Bloomberg - Trump Reduces Joint South Korea Drills, Citing Lack of Iran Help https://www.bloomberg.com/news/articles/2026-08-16/trump-says-he-s-curtailing-military-drills-with-south-korea?utm campaign=bn&utm medium=distro&utm source=yahooUS - Anthropic Revenue Surges to Over $11.5 Billion in Second Quarter https://www.bloomberg.com/news/articles/2026-08-14/anthropic-revenue-ahead-of-ipo-surges-over-14-fold-in-second-quarter?utm campaign=bn&utm medium=distro&utm source=yahooUS - Stripe Clinches Over $7 Billion Deal to Buy AI Firm OpenRouter https://www.bloomberg.com/news/articles/2026-08-16/stripe-nears-deal-to-buy-ai-firm-openrouter-for-over-7-billion?utm campaign=bn&utm medium=distro&utm source=yahooUS Underlying net profit more than doubled to A$851.2 million $604 million in the year through June 30, the Melbourne-based steelmaker said Monday. North America revenue rose 9%, offsetting a 4% drop in Asia. North America remains the company's "primary growth engine," Chief Executive Officer Tania Archibald said on Bloomberg TV. "We have the benefit of data centers, and we can see strength in data center demand." On the flip side, BlueScope is "very wary of the impact data centers can have on the broader energy supply question," she said, as the company seeks to manage energy costs. In February, BlueScope rebuffed a takeover offer from Steel Dynamics Inc. and SGH Ltd. for an equity value of around A$15 billion, saying it undervalued the company. Its shares have since risen about a fifth. BlueScope's stock swung between gains and losses on Monday, and was down 0.8% as of 2:25 p.m. in Sydney "We've had no engagement with the consortium for an extended period of time," Archibald said. "We rejected the last proposal very clearly based on the fact that it simply did not represent fair value for BlueScope's shareholders." The Australian company's North Star Steelworks in Ohio has also benefited from a 50% levy on imports by the Trump administration, which was aimed at countering overcapacity from China. BlueScope sees "continued strength in North America, a solid demand environment in Australia and early signs of recovery in New Zealand," Archibald said Monday on an investor call. "In China, overcapacity continues to weigh on regional steel spreads," she added. --With assistance from Yvonne Man and David Ingles. Most Read from Bloomberg Businessweek - The Steamy, Magical and Now Very Lucrative Romantasy Business https://www.bloomberg.com/news/features/2026-08-12/romantasy-book-series-help-revive-interest-in-reading-push-into-tv-and-film?utm campaign=bw&utm medium=distro&utm source=yahooUS - The Midwest City Keeping the American Dream Alive for First-Time Homebuyers https://www.bloomberg.com/news/articles/2026-08-13/michigan-housing-market-offers-new-opportunities-for-first-time-buyers?utm campaign=bw&utm medium=distro&utm source=yahooUS - China Brought 90-Second Microdramas to the US. Now Hollywood Wants In https://www.bloomberg.com/news/features/2026-08-12/microdramas-take-hold-on-us-smartphones-after-rise-in-china?utm campaign=bw&utm medium=distro&utm source=yahooUS ©2026 Bloomberg L.P.