BlueScope Will Continue to Face Steel-Market Headwinds, Says Citi -- Market Talk

Dow Jones

2024-12-18

2351 GMT - BlueScope Steel faces persistent market challenges in the second half of fiscal 2025, says Citi analyst Paul McTaggart. He trims Citi's target on the stock to A$21.00 from A$21.50 and retains a neutral rating. Steel prices in both Asia and the U.S. have softened in recent weeks, while the price of raw ingredient iron ore has moved higher. "FY25 is shaping up as a continuation of tough market conditions in steel," McTaggart says. Citi now expects BlueScope to report FY25 Ebit around A$597 million, 9.9% lower than previously forecast, says McTaggart. Market consensus is around A$700 million. BlueScope reported FY24 Ebit of A$1.34 billion. Its stock is down 0.6% at A$20.04. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

December 17, 2024 18:51 ET (23:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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He trims Citi's target on the stock to A$21.00 from A$21.50 and retains a neutral rating. Steel prices in both Asia and the U.S. have softened in recent weeks, while the price of raw ingredient iron ore has moved higher. \"FY25 is shaping up as a continuation of tough market conditions in steel,\" McTaggart says. Citi now expects BlueScope to report FY25 Ebit around A$597 million, 9.9% lower than previously forecast, says McTaggart. Market consensus is around A$700 million. BlueScope reported FY24 Ebit of A$1.34 billion. Its stock is down 0.6% at A$20.04. 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He trims Citi's target on the stock to A$21.00 from A$21.50 and retains a neutral rating. Steel prices in both Asia and the U.S. have softened in recent weeks, while the price of raw ingredient iron ore has moved higher. \"FY25 is shaping up as a continuation of tough market conditions in steel,\" McTaggart says. Citi now expects BlueScope to report FY25 Ebit around A$597 million, 9.9% lower than previously forecast, says McTaggart. Market consensus is around A$700 million. BlueScope reported FY24 Ebit of A$1.34 billion. Its stock is down 0.6% at A$20.04. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BSL.AU":"BLUESCOPE STEEL LTD","BK7129":"钢铁"},"translate_title":"花旗表示，博思格将继续面临钢铁市场的阻力——市场谈话","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BSL.AU":0.9},"content_text":"2351 GMT - BlueScope Steel faces persistent market challenges in the second half of fiscal 2025, says Citi analyst Paul McTaggart. He trims Citi's target on the stock to A$21.00 from A$21.50 and retains a neutral rating. Steel prices in both Asia and the U.S. have softened in recent weeks, while the price of raw ingredient iron ore has moved higher. \"FY25 is shaping up as a continuation of tough market conditions in steel,\" McTaggart says. Citi now expects BlueScope to report FY25 Ebit around A$597 million, 9.9% lower than previously forecast, says McTaggart. Market consensus is around A$700 million. BlueScope reported FY24 Ebit of A$1.34 billion. Its stock is down 0.6% at A$20.04. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 17, 2024 18:51 ET (23:51 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}