Search All
MIN
Search by Name
Search by Ticker
BSL
BlueScope Steel Ltd
Metals and Mining
·
Materials
About BlueScope Steel Ltd
SOURCE
ACTION
FUND MANAGER
DATE
L1 Capital continues to hold BlueScope Steel because it believes companies with exposure to the large expansion underway in the US have a higher chance of success. L1 Capital cites BlueScope (ASX: BSL) as a successful example of an Australian company benefiting from this US growth exposure.
Article
24 Sep 2026
.
L1 Capital
No Change
Article
Commentary
§ Important Notice
The entries below are records originating from third-party statements. Thesis Tracker does not rank, recommend or endorse any fund manager, fund or security. Investment decisions should be made on the basis of the relevant Product Disclosure Statement and, where appropriate, advice from a licensed adviser.
Frequently asked questions about BlueScope Steel Ltd (ASX:BSL)
Frequently asked questions
Who is investing in BlueScope Steel Ltd (ASX:BSL)?
Fund managers including L1 Capital, Blackwattle Investment Partners, Yarra Capital Management, Cooper Investors, Airlie Funds Management, Firetrail Investments, Ten Cap, Milford Asset Management, Tyndall Asset Management, Perpetual Asset Management, Pendal Group, Elston Asset Management, Wilson Asset Management, Investors Mutual Limited, Equity Trustees Asset Management, Ellerston Capital, Katana Asset Management, Pengana Capital Group, Alphinity Investment Management, Vertium Asset Management, First Samuel and WaveStone Capital have invested in BlueScope Steel Ltd (ASX:BSL).
What opportunities or catalysts do fund managers highlight for BlueScope Steel Ltd?
Airlie and Wilson Asset Management describe BlueScope as a multi-lever story rather than a simple steel price call: a strong balance sheet, an expected free cash flow inflection as a peak capital expenditure period ends, and scope for higher, more consistent capital returns. Managers also cite the progressing US Coated Products turnaround, under-earning Australian and Asian businesses, and exposure to US manufacturing expansion. First Samuel and Airlie note the recent SGH and Steel Dynamics takeover proposal of around $32 per share as a valuation anchor.
What are the key risks to the BlueScope Steel Ltd investment thesis, according to fund managers?
WaveStone Capital warns that US steel spreads of around $800 per tonne are well above a mid-cycle range of $400 to $500, leaving earnings vulnerable as margins normalise. Pendal Group noted that a recent guidance upgrade reflected only already-known US spreads, while cost escalation in Australia is eroding efficiency gains and earnings elsewhere fell short of expectations.
What is the short interest in BlueScope Steel Ltd (ASX:BSL)?
The short interest in BlueScope Steel Ltd (ASX:BSL) is 1.10% which makes it the 202nd most shorted stock on the ASX. Of the 438.1M shares that BlueScope Steel Ltd has on issue, 4.8M have been sold short.
What does BlueScope Steel Ltd (ASX:BSL) do?
BlueScope Steel Ltd., founded in 2002 and headquartered in Melbourne, Australia, is a global steel manufacturing company. It operates through five primary segments: Australian Steel Products (coated and painted flat steel), North Star BlueScope Steel (hot rolled coil via electric arc furnace), Buildings and Coated Products North America (engineered building solutions for non-residential construction), Coated Products Asia (metal coated and painted building products), and New Zealand and Pacific Islands (New Zealand Steel, Pacific Steel, and BlueScope Pacific Islands). The company specializes in producing and marketing tailored steel solutions across international infrastructure, construction, and manufacturing sectors.