BlueScope Stell’s A$150 million on-market shares buy-back

Ashurst has advised BlueScope Steel Limited on its on-market share buy-back of up to A$150 million of its shares.

The buy-back will be funded from free cash flow as part of the Boards target to return 30-50 per cent of free cash flow, including capital management, to shareholders. The buy-back will cease within 12 months from the date of the announcement.

The buy-back will assist BlueScope in achieving an appropriate balance between retaining strong credit metrics, will continue to fund growth opportunities and support the return of cash to shareholders.

BlueScope Steel Limited is a flat steel producer for the domestic Australian, New Zealand and U.S. markets and is a leading international supplier of steel products and solutions principally focused on the global building and construction market.

The Ashurst team was led by partner Elspeth Arnold (Corporate, in picture), and included lawyer Richard Sletvold (Corporate); Partners Jock O’Shea and Jamie Ng, senior associate Kenneth Tang and lawyer Timon Ibrahim (Finance).

Involved fees earner: Elspeth Arnold – Ashurst; Richard Sletvold – Ashurst; Jamie Ng – Ashurst; Jock O’Shea – Ashurst; Kenneth Tang – Ashurst; Timon Ibrahim – Ashurst;

Law Firms: Ashurst;

Clients: BlueScope Steel;

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Author: Michael Patrini