Ann: BlueScope 2023 US Site Visit Presentation Day 1, page-27

I’m sorry if I wasn’t clear. BSL’s equity per share at last report was a bit over $22.
ROE is likely to be around 10% this year.
At the moment the market values that equity at $20.
The implied return to the shareholder is 11% partly as dividend, partly as a further increase in the value of the equity - if the market continues to apply this discount.
Generally speaking, as long as a company is performing ok prices will rise as equity rises. If the company does well the share price will usually be greater than the equity per share. Patience is required.

I have bought BSL a number of times since 2019 always at less than the equity value per share, for instance in 2020 at $8.97 when the equity was about $13/ share. Return since first purchase in 2019 is 23.4% p.a. if sold today.