The BlueScope Steel Ltd (ASX: BSL) share price is backtracking today while the S&P/ASX 200 Index (ASX: XJO) is travelling higher.
During midday trade, the steel producer's shares are down 1.82% to $16.15.
For context, the benchmark ASX 200 index is up 0.14% to just under 6,860 points.
Let's take a look at what's dragging BlueScope shares lower on Tuesday.
Why is the BlueScope share price losing ground today?
With earnings season all wrapped up, the BlueScope share price is now trading ex-dividend.
This comes after the company delivered a robust full-year result, reporting a record performance which led to $2.81 billion in net profit after tax (NPAT).
On the back of the outstanding achievement, the board declared an unfranked final dividend of 25 cents per share.
If you bought the company's shares before market close yesterday and held onto them until this morning, you'll be eligible for the dividend.
Be sure to check your bank accounts on 12 October as that's when BlueScope will make its dividend payment to shareholders.
In case you were wondering, there's no dividend reinvestment plan (DRP) currently being offered.
BlueScope noted that it has made nearly $1 billion in shareholder returns across FY 2022. This includes $344 million in dividends and $638 million in on-market buybacks.
Further, the board approved an increase to the share buyback program to allow up to a further $500 million to be bought over the next 12 months.
It's likely that with such a significant buyback program, BlueScope shares could continue to rise.
BlueScope share price summary
In 2022, BlueScope shares have fallen 23% on the back of China's property crisis and iron ore price setback.
On the other hand, the S&P/ASX 200 Materials Index (ASX: XMJ) is down 8% over the same time frame.
BlueScope shares reached a 52-week low of $14.75 in July before making a slight recovery.
Based on today's price, BlueScope commands a market capitalisation of approximately $7.58 billion and has a dividend yield of 3.11%.
