2230 GMT - Tariffs are the latest tailwind for BlueScope Steel, prompting Citi to turn bullish on the Australian company's stock. U.S. steelmakers were already upbeat about the outlook for construction activity in the U.S. this year, supported by public spending, including on infrastructure. BlueScope owns the North Star steel mill in Ohio, so would benefit from better local conditions. Citi, upgrading BlueScope to buy from neutral, notes that U.S. tariffs on downstream steel products would be bullish for U.S. steel pricing. "We think the market will soon shift its focus to FY 2027 and steel tailwinds should enable BlueScope's Ebit to meet consensus (and Citi) expectations of A$1.3 billion," analyst Paul McTaggart says.(david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 02, 2025 17:30 ET (22:30 GMT)
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