It's ended up being a pretty nast day for many ASX 200 stocks this Tuesday. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has dropped by 0.44%, down to around 8,380 points. Many big ASX 200 stocks, such as Commonwealth Bank of Australia (ASX: CBA), are doing even worse.
But one company is conspicuously bucking the market to push higher amid today's market pessimism. And decisively higher at that. This particular ASX 200 stock is currently up a significant 6.5% at $22.63 a share after going as high as $22.80 this morning (a gain worth 7.3% at the time).
The ASX 200 stock in question is none other than steel producer BlueScope Steel Ltd (ASX: BSL). Yep, Bluescope shares have rocketed today, despite the broader ASX 200's sell-off.
So what on earth is causing this marked outperformance of the broader markets today?
Well, we can rule out any news out of Bluescope itself. We haven't had any ASX announcements out of the ASX 200 stock since 19 November, when Bluescope revealed the particulars of its annual general meeting.
Instead, it looks like some news out of the United States might be at least partly responsible for Bluescope's bounce.
As we alluded to this morning, American President-elect Donald Trump has just announced some news. On his first day (back) in office, Trump intends to slap a 20% tariff on imports from Mexico and Canada into the American economy. That's in addition to the 10% tariffs that exist on Chinese imports.
Bluescope has significant operations in the United States, which, at least over FY2024, were some of the company's most profitable. Over that financial year, Bluescope made $935 million in underlying earnings from its North American division, far outstripping the $377 million in earnings from its Australian division.
With such a large earnings base in the United States, Bluescope might be a significant beneficiary of these tariffs if they are indeed implemented and imported steel becomes more expensive and less competitive against Bluescope's American steel.
The Bluescope share price has risen by around 10% since the results of Trump's election became clear earlier this month. But let's see if the next American administration proves to be as friendly to Bluescope as the market seems to be assuming
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