2118 GMT - Beneficiaries of President Trump's tariff moves could include Australia's BlueScope Steel, says Jefferies. That's because BlueScope owns the North Star steel mill in Ohio. Analyst Ramoun Lazar notes that U.S. steel spreads have been rangebound over the past six months. High service center inventories and sluggish macro data have been pushing out a restocking-led recovery in prices, Jefferies says. But the bank expects North Star's spreads to recover to $400/ton by FY 2026 as activity rebounds. Tariffs mean the rebound could be even stronger, Jefferies suggests. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 02, 2025 16:18 ET (21:18 GMT)
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