BlueScope AGM Held Under Shadow of Port Kembla Steelworks Fatality as Leaders Address Tragedy and Energy Pressures

Introduction
BlueScope Steel’s annual general meeting in Wollongong has been overshadowed by the recent workplace fatality at the Port Kembla steelworks, with shareholders and executives holding a minute’s silence for the young contractor killed during blast furnace works. The tragedy cast a sombre tone over an AGM otherwise focused on earnings, energy policy, and the future leadership of Australia’s largest steelmaker.

Details of the Incident
The fatality occurred during work on the Number Six blast furnace, where a contractor in his 20s died after being struck by a falling steel beam. BlueScope has since confirmed the preliminary assessment that a crane lifting the beam failed, causing the tragic incident.

Outgoing CEO Mark Vassella told shareholders the death had deeply affected workers and the broader Illawarra community.
“Unfortunately an incident occurred, and a fatality has resulted to a young man who was working on the Number Six blast furnace,” he said.
“We’re deeply saddened by the incident, and our condolences go to his family, friends, colleagues, our workers at BlueScope and first responders.”

Incoming CEO Tania Archibald echoed those sentiments.
“It’s an absolute tragedy and my condolences go to the family, to the team working there, to the broader employees and the community.”

AGM in Steel City
Held in Wollongong as part of the 100-year anniversary of steelmaking at Port Kembla, the AGM reviewed BlueScope’s full-year performance, reporting an underlying EBIT of $738 million and strong cash flow. However, the company downgraded first-half earnings guidance, with underlying EBIT expected at the lower end of the previously announced $550–$620 million range.

Vassella cited softening Asian steel spreads and uncertainty created by recent US tariff changes.
“Despite the headwinds, we remain incredibly confident about the US market.”

Energy Policy and Gas Supply Concerns
Gas supply and decarbonisation dominated much of the AGM discussion. Vassella reiterated his warning that gas remains critical to BlueScope’s transition plans, particularly for a proposed gas-based DRI facility at Port Kembla, which the company says could cut emissions by around 60 per cent.

“We cannot get to net zero without it,” he said, renewing the company’s call for an east coast gas reservation scheme.
High gas prices, he warned, continue to threaten the competitiveness of Australian heavy manufacturing:
“Capital flows to where the best economics are.”

Ms Archibald said her views were aligned with her predecessor’s, calling the handover “very much a baton pass” on energy policy.
“Competitive gas supply is a critically important part of reforming the market going forward.”

Whyalla Steelworks Bid
BlueScope remains part of an international consortium bidding for the Whyalla steelworks, which entered administration under former owner GFG Alliance.

Vassella said his resignation would not affect BlueScope’s involvement, noting that Archibald is already leading internal assessments of the deal.
Archibald said uncertainty remains:
“We are only one participant in the process … we’ll just have to wait and see how it plays out.”

Net Zero Commitment
Despite shifting political dynamics around climate policy, BlueScope reaffirmed its commitment to its long-term climate targets.
“We’re focused on continuing our own decarbonisation pathway towards an aspiration of net zero by 2050,” Vassella said.

Conclusion
The fatal accident at Port Kembla hung heavily over BlueScope’s AGM, with the company emphasising full cooperation with investigations as its workforce grapples with the loss. As BlueScope prepares for its first female CEO to take the helm, the steelmaker faces a complex landscape — balancing safety, decarbonisation, and economic pressures while navigating the future of Australian steel.