0252 GMT - BlueScope Steel looks close to fully priced following a recent rally on U.S. steel tariffs, according to Morgan Stanley analyst Andrew Scott. Shares in the Australian steelmaker--which runs a mill in the U.S., among other operations--have climbed by roughly 23% this year. Citing a call with a U.S. steel trader, Scott says demand doesn't appear to be consistent with current steel prices and that even with tariffs, steel can be sold into the U.S. at levels well below spot values. Expectations are for lower steel prices from here, especially as industry capacity rises following maintenance at some mills, he says. MS retains an equal-weight rating on BlueScope, with a A$24.00 target. The stock is up 2.0% at A$23.02. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
March 16, 2025 22:52 ET (02:52 GMT)
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