BlueScope Steel (ASX:BSL) is likely to benefit from US President Donald Trump's plans to impose 25% tariffs on all imports of steel and aluminum into the US, The Australian reported Monday.
BlueScope is currently the fifth largest steel producer in the US, employing 4,000 people, and it has been investing in the US for 30 years, the report said.
It also produces about 3 million tonnes of steel a year in Australia, with some feedstock exported to US operations, the report added.
US President Trump said that he will introduce new 25% tariffs on all steel and aluminum imports into the US while speaking to reporters on Sunday, according to a seperate report by Reuters.
The firm is aware of media reports regarding the potential tariffs, a spokesman for the steelmaker said.
Its shares rose past 1% in recent trading on Monday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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