BlueScope had under-estimated how much it would be slugged by the Federal Court over attempts to fix steel prices.
Still, what was a record fine for cartel conduct is dwarfed by the steelmaker's recently announced profits.
In December last year the Federal Court found BlueScope and former employee Jason Ellis guilty on nine counts of trying to fix the price of flat steel products between September 2013 and June 2014.
On August 29 this year, the Federal Court hit BlueScope with a $57.5 million fine, while Ellis was fined $575,000.
BlueScope has 28 days to lodge an appeal but it yet to make any decision.
The steelmaker's fine was less than the $83 million minimum requested by the Australian Competition and Consumer Commission - who brought the case to court.
But it was more than the $30-$40 million BlueScope argued for - and certainly more than it has budgeted for.
Just a week before the fine was handed down, BlueScope announced its 2022-23 financial year figures, which included a $1.01 billion net profit.
Those figures included $45 million deduction from the bottom line, which is described as "an estimate of penalty and legal costs" associated with the case.
"BlueScope considers this a reasonable estimate of penalty and legal costs that may be awarded against BlueScope and it is consistent with BlueScope's submission to the court," the steelmaker's financial statement said.
During the profit announcement Bluescope also said it was going ahead with the Port Kembla blast furnace reline.
BlueScope has said the $57.5 million fine has not put that project - or any others - at risk.
While the ACCC Commissioner Liza Carver called the fine a "substantial penalty", it is dwarfed by the company's recently announced profit.
The $57.5 million fine represents around 5 per cent of the steelmaker's latest profit.
It's also much less than the $518 million paid back to shareholders over the 2023 financial year.