BlueScope Steel lost more than $436 million from its market value on a day it triumphantly declared that its manufacturing business was back.

Australia’s biggest steelmaker reported a full year net loss of $82.4 million, a narrowing of last year’s $107.1 million loss. No dividend was declared, with the company not having handed out one since early 2011. BlueScope’s shares sunk 78 cents, or 12.8 per cent, to $5.32 and was the third-most…