L1 Capital crosses 5% threshold in BlueScope Steel

L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd collectively became a substantial holder in BlueScope Steel Limited on September 19, 2025. Their total voting power reached 5.14%, representing 22,547,259 fully paid ordinary shares. This is based on BlueScope Steel's issued capital of 438,609,849 shares.

Relevant interests are held across various entities, including Merrill Lynch (Australia) Nominees Pty Ltd, Goldman Sachs International, Morgan Stanley & Co. International PLC, State Street Australia Limited, Citicorp Nominees Pty Ltd, and JPMorgan Chase Bank, N.A. These holdings are primarily managed through discretionary investment management agreements for superannuation funds and managed investment schemes.

Transaction data indicates a series of on-market purchases and sales by L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd leading up to September 19, 2025. Notable acquisitions include purchases on August 18, 2025, for A$17,067,074.15 (728,718 FPO shares), August 19, 2025, for A$31,344,987.83 (1,360,546 FPO shares), and August 22, 2025, for A$45,516,030.53 (1,960,000 FPO shares). The largest on-market purchase on the day of becoming a substantial holder was A$20,658,187.01 for 921,007 FPO shares by L1 Capital Pty Ltd.