Shares of BlueScope Steel (ASX:BSL) witnessed as much as a 3.6% rise, reaching to A$21.290, their highest level since August 15.

The steel producer announced it approved a A$400 million increase to its share buyback program.

This is set to be bought over the next 12 months.

Furthermore, BlueScope Steel (ASX:BSL) reported an underlying NPAT of A$1.10 billion in Fiscal Year 2023, opposed to the A$2.70 billion recorded last year.

The company declared a final full-frank dividend of 25 Australian cents per share.

The performance of BlueScope Steel’s stock (ASX:BSL) has been quite impressive, it has risen 22.1% this year as of the most recent close.

BlueScope Steel (ASX:BSL) is a key player in the steel production industry, notably recognized for its high-grade products and strategic market presence.