0103 GMT - Australia's BlueScope Steel is tipped to be a winner from President Trump's planned 25% tariffs on U.S. imports of steel and aluminum. The stock rises 2.8% to A$22.11/share, as the broader Australian market trades in the red. The U.S. is BlueScope's top region for growth. The steelmaker, which runs the North Star mini-mill in Ohio, is working to boost volumes there by another 10% following the completion of an expansion that increased output by nearly 50%. Trump says he plans to announce the 25% tariffs Monday. U.S. tariffs could help offset tough steel-market conditions for BlueScope, with spreads in Asia especially soft. BlueScope's stock hit A$22.365 earlier in Sydney, its highest since Dec. 2. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
February 09, 2025 20:03 ET (01:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.