A workplace fatality at the Port Kembla steelworks has cast a shadow over BlueScope's annual general meeting in Wollongong, where shareholders and executives observed a minute of silence for the young man killed on the Number Six blast furnace. Outgoing CEO Mark Vassella expressed deep sadness and offered condolences to the family, friends, colleagues, and first responders, noting the company is cooperating with investigations.
Incoming CEO Tania Archibald, who will become the first female CEO and general manager of Australia's largest steelmaker in February, described the incident as a terrible event. The AGM was held in Wollongong to mark 100 years of steelmaking at Port Kembla.
BlueScope reported full-year underlying EBIT of $738 million and strong cash flow, but downgraded its first-half earnings guidance. Vassella said underlying EBIT for the half is expected at the bottom end of the $550 to $620 million range, citing softening steel spreads in Asia and uncertainty from US tariff changes, though the company remains confident in the US market.
Vassella reiterated the need for gas as a transition fuel, stating a gas-based DRI plant at Port Kembla could cut emissions by 60% and that BlueScope cannot achieve net zero without it. He repeated support for an east coast gas reservation, warning high gas costs risk pushing investment offshore. The Albanese government is reviewing the east coast gas market, with Resources Minister Madeleine King saying nothing is off the table but noting any reservation mechanism would be complex.
BlueScope is part of an international consortium bidding to acquire the Whyalla steelworks, placed into administration by GFG Alliance. Vassella said his departure would not affect the bid, with Archibald already leading the internal team assessing the opportunity. Archibald noted uncertainty but said the company is only one participant in the process.
Vassella reaffirmed BlueScope's commitment to its climate targets, including an aspiration of net zero by 2050, despite the federal Coalition shifting its position on net zero.
