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Steelmaker brings it home, after rejecting predators. By Kaaren Morrissey Updated August 16 2026 - 6:48pm, first published 6:45pm BlueScope says it's in a strong position after a bottom-line net profit boost. Photo: Dean Lewins/AAP PHOTOS Australia's biggest steelmaker has delivered a big jump in annual profit, vindicating its decision to reject a takeover bid BlueScope Steel, which has been undergoing a period of major investment and owns the Port Kembla steelworks in southern NSW, says it's now heading into a position of "real strength". It made a bottom-line net profit of $802 million for the year ended June 30, up 857 per cent, although the result skewed higher after an impairment charge booked in the previous year rolled off the books. The 2025/26 underlying result, before interest and tax, came to $1.27 billion, a jump of 73 per cent, helped by strong performances for its premium and pre-painted steel products. Steel products used for residential and commercial building frames performed strongly. (Dean Lewins/AAP PHOTOS) Earlier this year, BlueScope rejected a $15 billion takeover bid, equating to $32.35 per share, from the Stokes family-controlled SGH and its US bid partner Steel Dynamics, saying it undervalued its assets and potential. "We rejected those approaches on the basis that they did not reflect fair value for BlueScope shareholders, and that remains our view," chief executive Tania Archibald told reporters in a conference call. "The result today points to the strength of the portfolio - the strength of the balance sheet, the step-up in shareholder returns. "Arguably, we're starting to see some of the value reflected in the share price," Ms Archibald said, although she added there was some way to go. BlueScope boss Tania Archibald says a rejected takeover bid was not "fair value for shareholders". (Dean Lewins/AAP PHOTOS) BlueScope shares rose by almost one per cent to $33.95 in morning trading on Monday. Most of the group's underlying result was driven by a 100 per cent rise in underlying earnings to $1 billion from its North America operations. BlueScope owns the highly prized North Star steelmaking mill in Ohio, which uses scrap to produce hot-rolled steel at low cost. "North America remains a great place to make and sell steel," Ms Archibald said, noting that the market overall remains structurally short of steel. "The regulatory and industry environment is favourable and supportive of the demand outlook across steel-consuming sectors." BlueScope made a bottom-line net profit of $802 million for the year ended June 30, up 857 per cent. (Susie Dodds/AAP PHOTOS) Steel demand in the US was stable to strong, driven by data centre infrastructure projects and the automotive sector. While the US led the way, BlueScope's result was also helped by a record performance in South East Asia and record sales in Australia of COLORBOND pre-painted steel products used in roofing, walling, guttering, and fencing and TRUECORE structural steel used for residential and commercial building frames. In Australia, construction activity remained resilient, supported by housing, infrastructure and non-residential demand. "The medium-term outlook is underpinned by favourable demographics and a sustained housing shortage," Ms Archibald said. However, record levels of building products exports from China continue to pressure margins in the Australian business. The Middle East conflict has pushed up the cost of steel production. (Dean Lewins/AAP PHOTOS) Even so, BlueScope says it's heading into 2026/27 with solid momentum with a goal to deliver first-half underlying earnings in a range of $860 million to $960 million. If met, that could represent a strong runway for BlueScope when it heads into its second half. However, Ms Archibald said costs remain a challenge due to the Middle East conflict, which has impacted the price of fuel, freight, and materials. Given that, the steel boss pointed to Australia's manufacturing base and its need for well-priced fuel and energy as the overall energy transition across the economy continues. "We see the gas market reform, and specifically domestic gas reservation, as absolutely critical to... having an impact in the medium term on gas and more broadly energy prices," she said. "We are very focused on the role gas will play in the transition toward lower emission steel making." BlueScope will pay shareholders a final dividend of 65 cents, taking the total for the year to $1.30. That's on top of a $1 special dividend paid in February and another special dividend of 70 cents to be paid in September. Australian Associated Press

Sicona lands $45M ARENA grant to open battery materials production facility in Wollongong. SYDNEY, June 29, 2026 /PRNewswire/ - Australian battery technology company Sicona Battery Technologies has secured $45 million from the Australian Renewable Energy Agency (ARENA) to build and operate its first commercial-scale silicon-carbon battery anode material production facility in the Illawarra region. As part of this, Sicona and BlueScope Steel Limited have entered into an exclusivity agreement to assess the potential development of the facility within BlueScope's Port Kembla precinct. The new facility will scale production of Sicona's advanced silicon-carbon battery anode material, SiCx(R), to produce up to 230 tonnes per annum for advanced customer qualification and commercial sales. The SiCx(R) technology improves lithium ion battery performance by increasing energy density by over 20 percent and enabling charging speeds over 40 percent faster than conventional graphite. It is also compatible with existing lithium-ion battery production lines, giving Sicona a clearer pathway to customer qualification, offtake agreements, and commercial-scale supply with global battery and original equipment manufacturers (OEMs). The ARENA grant will be delivered under the Australian Government's Battery Breakthrough Initiative, which supports the growth of domestic battery manufacturing capability and strengthens Australia's position in the global battery supply chain. It marks a major validation point for Sicona as it moves from technology development into commercial scale-up, with its materials also being developed for applications across AI data centres, power tools, defence, robotics, and other high-performance battery markets in addition to electric vehicles. The capital injection will help Sicona meet its ambition to build sovereign battery materials manufacturing capability in Australia, while proving the country can compete in higher-value global battery supply chains. Christiaan Jordaan, Founder and CEO of Sicona Battery Technologies, said: "ARENA's support is a major endorsement of Sicona's technology, our team, and Australia's ability to build globally relevant battery materials manufacturing capability. "Battery-powered industries need higher performance at lower cost. Our silicon-carbon anode technology is designed to deliver faster charging, greater energy density and a scalable pathway into existing lithium-ion battery supply chains. "While EVs remain a major opportunity, some of the fastest-growing demand is coming from AI data centres, robotics, drones and power tools. These applications need high energy and power density today, and SiCx(R) is designed to help meet that demand. The Wollongong facility will allow us to validate our process at commercial scale, deliver SiCx(R) to customers, and accelerate our entry to multiple markets. "It also shows Australia can do more than export unprocessed critical minerals. We can manufacture advanced materials, create skilled jobs, and compete in the high-value battery supply chains that will power the global energy transition." Darren Miller, CEO of ARENA, said: "Sicona is developing the kind of next-generation battery technology that can help Australia move further up the global battery supply chain. "Improving battery performance is critical to accelerating the uptake of electric vehicles and supporting the transition to a net zero economy. "Sicona's technology has the potential to deliver faster charging, longer driving range and lower-cost batteries. The technology has undergone independent testing and is already being evaluated by global battery manufacturers and electric vehicle companies, highlighting its strong commercial potential. "By supporting Sicona's Wollongong facility, ARENA is helping build the domestic manufacturing capability Australia needs to turn battery innovation into commercial supply." The development of the Wollongong facility is expected to create up to 36 skilled manufacturing jobs and support workforce development, training, and local industry partnerships. It follows a May 2025 licensing and strategic partnership with Himadri in India, including an AU$17.5 million follow on investment, and comes as Sicona is also planning a 6,500 tonne per annum commercial facility, with longer-term expansion potential to 26,500 tonnes per annum. Sicona Battery Technologies (www.siconabattery.com) is an Australian battery technology company improving lithium-ion battery performance through silicon-carbon anode technology designed to increase energy density and improve charge and discharge rate. Its SiCx(R) technology is designed for compatibility with existing battery manufacturing lines, supporting battery manufacturers and supply chain partners seeking higher-performance anode materials for electric vehicles, defence, power tools, and other lithium-ion battery applications. SOURCE Sicona Battery Technologies

ARENA charges up battery tech scaleup Sicona with $45 million. ARENA pumps $45m into Sicona to supercharge lithium-ion batteries with silicon-carbon in Wollongong. The federal government's Australian Renewable Energy Agency (ARENA) has backed Sicona Battery Technologies with $45 million in grant funding. The Wollongong scaleup will use the funds, from ARENA's Battery Breakthrough Initiative, to build its first commercial-scale manufacturing facility for its battery performance tech in the region. Sicona, founded in 2019 by CEO Christiaan Jordaan and materials scientist Andrew Minett, set out to develop next-generation battery tech used in the anodes (negative electrodes) of lithium-ion (Li-ion) batteries for electric vehicles and renewables storage. The pair worked at the University of Wollongong's Australian Institute for Innovative Materials for more than a decade. Sicona previously raised $15 million in May last year, led by existing Indian investor Himardi, as well as a $22 million Series A in 2023, and a $3.7 million pre-Series A in 2021. The scaleup also struck a deal with BlueScope Steel to build manufacturing plant in BlueScope's Port Kembla precinct. They plan to produce up to 230 tonnes of their silicon-carbon battery anode material, called SiCx, there annually. It improves Li-ion battery performance by over 20% as well as charging speeds by more than 40%. Faster charging. Christiaan Jordaan said battery-powered industries need higher performance at lower cost. Get the best of Startup Daily straight to your inbox. * indicates required "Our silicon-carbon anode technology is designed to deliver faster charging, greater energy density and a scalable pathway into existing lithium-ion battery supply chains," he said. "While EVs remain a major opportunity, some of the fastest-growing demand is coming from AI data centres, robotics, drones and power tools. These applications need high energy and power density today." ARENA CEO Darren Miller said the tech can help Australia "move further up the global battery supply chain" by improving performance, especially for EVs. "Sicona's technology has the potential to deliver faster charging, longer driving range and lower-cost batteries. The technology has undergone independent testing and is already being evaluated by global battery manufacturers and electric vehicle companies, highlighting its strong commercial potential," he said. The Wollongong facility is expected to create up to 36 skilled manufacturing jobs.