Key growth projects are on track for first production and ramp-up in FY27, capex is declining ~A$400mn in FY27, demand in Aus, SE Asia and the US remains robust, and cost out is offsetting inflation. Overall, BSL continues to benefit from near-term positive steel prices, spreads and earnings momentum, a strong balance sheet and improving FCF, and longer-term margin and growth outlook. Key takeaways n Divisional performance: At the divisional level, US (Northstar) EBIT was above GSe on higher volumes and bet ...