SYDNEY, May 4, 2026, 04:02 (AEST)
The Anti-Dumping Commission in Australia has launched a probe into possible dumping of galvanised steel imports from South Korea and Vietnam, acting on a complaint from BlueScope Steel Limited. The investigation targets zinc-coated steel, used widely to prevent rust in building and manufacturing. The move places renewed scrutiny on the nation’s leading steel producer. Gov
The timing is key here, as the case has shifted from just a complaint to an official investigation. Anti-dumping duties—tariffs that may be slapped on if imports are undercutting local prices and harming domestic producers—are now on the table. The commission noted that a first, preliminary ruling won’t land until at least day 60, and its final recommendation is expected by Oct. 2. Gov
Dongkuk Steel Mill and POSCO Holdings, both based in South Korea, show up in the notice, along with Vietnam’s Hoa Sen Group and Nam Kim Steel. BlueScope claims in its application that these imports have led to lost sales volume, squeezed market share, downward price pressure, and declines in profits, revenue, and return on investment.
The case arrives as BlueScope CEO Tania Archibald turns up the heat on Canberra, pushing for lower gas prices and tougher trade protections. Speaking at last week’s Melbourne Mining Club, Archibald demanded an “effective domestic gas reservation scheme,” arguing “Australian manufacturing can’t compete” given today’s energy prices. She also flagged the impact of dumped steel on local fabricators. Reuters
Steel’s global environment remains tough. Reuters said in January that China exported a record 119.02 million tons of steel in 2025, up 7.5%, despite a wave of new trade barriers from countries trying to shield their own producers. Reuters
BlueScope ended May 1 at A$30.00, edging up 0.7%. Shares moved within a range of A$29.685 to A$30.270, based on Investing.com figures. The S&P/ASX 200 wrapped up at 8,729.80 for the day, a gain of 0.74%, LSEG data via Reuters showed. Investing
Shares have stayed stuck under A$30, falling short of the new A$32.35-a-share cash offer from SGH and Steel Dynamics. The deal structure: SGH takes over BlueScope, then flips BlueScope’s North American unit to Steel Dynamics, holding on to the Australian and other international assets.
BlueScope turned down the sweetened A$15 billion offer back in February, though it didn’t slam the door—directors indicated they’d listen if valuation and deal-execution issues were met. “Good operations” are still in place, VanEck’s Jamie Hannah pointed out to Reuters then. Milford Asset Management’s Greg Cassidy noted the board “haven’t outright said no.” Reuters
BlueScope’s latest figures offer ammunition for bulls and bears alike. First-half fiscal 2026 net profit after tax came in at A$391 million, a jump of 118% on the year. Underlying EBIT reached A$558 million. For the second half, the company is guiding for underlying EBIT somewhere between A$620 million and A$700 million, though it warns that steel spreads, FX, and broader market forces could shift that range. BlueScope
Energy costs aren’t straightforward. According to AEMO, east coast wholesale gas averaged A$10.61 a gigajoule for the first quarter—a drop of 20% from the previous year. By March, prices dipped further, reaching A$9.22, the lowest level in four years. For policymakers, that’s a case for price relief. Still, large industrial buyers counter that delivered costs, along with price swings, continue to leave them vulnerable.
There’s a chance both levers end up not budging much. The dumping case hasn’t led to tariffs—so far, it’s just at the investigation stage, and both exporters and importers can still push back. On the M&A front, BlueScope has warned shareholders the updated SGH-Steel Dynamics bid may not actually lead to a deal. BlueScope
