BlueScope Steel (ASX:BSL) shares open in green today, here’s why

3 min read | June 22, 2022 01:01 PM AEST | By Ritwika

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BlueScope Steel (ASX:BSL) shares open in green today, here’s why — Image source: Image source: © Pvl | Megapixl.com

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Highlights:

BlueScope has appointed professionals from Bjarke Ingels Group to develop a master plan for the land beside Port Kembla.

BlueScope today shared updates from its latest shares buyback program.

The shares of BlueScope opened in green on the ASX today.

The shares of BlueScope Steel Limited (ASX:BSL) were spotted trading 2.079% higher at AU$16.2 per share at 10:18 AM AEST on ASX today (22 June).

The ASX-listed steel manufacturer today also announced about the appointment of expert architects and urban designers from the Bjarke Ingels Group (BIG) to develop a master plan for its land beside the Port Kembla Steelworks.

The share price of BlueScope has fallen over 25% on the ASX over the past 12 months. On the other hand, BlueScope’s year-to-date share price also fell over 24% (as of 10:18 AM AEST on the ASX today, 22 June).

Why BlueScope shares open in green on ASX today?

BlueScope came up with two significant announcements on the ASX today, which seems to be the reason behind the upward movement of shares on ASX today (22 June).

The first announcement revealed that BlueScope has appointed Bjarke Ingels Group’s architects and urban designers to develop a master plan at its land holdings beside the Kembla Port Steelworks.

Mark Vassella, the CEO and Managing Director of BlueScope, said that the company is likely to kick off an 18-month program to create a ‘vision’ for the reimagination and transformation of land excess to its steelmaking needs.

According to Mark, the project would enable significant long-term economic and social value for the whole of Illawarra.

Mark further added that the company’s core aim is to strengthen its communities for the future. He noted that this is a great opportunity for BlueScope to live its aim and build a legacy for the next 100 years.

Steelmaking and modern manufacturing will continue to be the key operation at Port Kembla. This project is about utilising the excess land by expanding BlueScope’s horizons and shaping the social and economic sustainability of its region in future.

BlueScope’s shares buyback program

BlueScope is also executing a shares buyback program currently. As a part of the shares buyback program, BlueScope updated that it has bought a total of 30,340,852 shares of its own till now. On the last day, the company bought 300,000 shares of its own.

Share buyback is a crucial strategy that companies adopt when they are confident about their own performance. It also helps them to attract investors’ attention.

Meanwhile, the S&P/ASX 200 Materials sector (ASX:XMJ) was spotted trading 0.514% higher at 16014.3 at 10:58 AM AEST on the ASX today (22 June).

Also read: BlueScope Steel (ASX:BSL) improves earnings guidance, shares gain

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