0359 GMT - BlueScope Steel's profit warning wasn't entirely unexpected by RBC Capital Markets. BlueScope now expects 1H earnings before interest and tax of between A$270 million and A$310 million. The midpoint of the range represents a 25% cut to its earlier guidance. "Given its offshore peers have confirmed similar challenging trading patterns both across Asia and North America, we think it is not surprising to see BlueScope downgrade its 1H guidance today," analyst Owen Birrell says. The seaborne steel market remains in oversupply as China exports surplus material, he says. RBC expects BlueScope's earnings to bottom out in FY 2025, but efforts to cut costs will help. RBC maintains its outperform rating on BlueScope. Shares are down 0.8% at A$21.02. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 28, 2024 23:59 ET (03:59 GMT)
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