Australia's BlueScope Steel rises on hopes of Trump tariffs boosting its US ops

Reuters

Feb 10, 2025

Feb 10 (Reuters) - Shares of BlueScope Steel BSL.AX hit a two-month high on Monday after U.S. President Donald Trump said he will announce 25% tariffs on all steel and aluminum imports, which could benefit the Australian steelmaker's U.S operations.

The stock rose as much as 4%, as of 0057 GMT, to its highest level since December 2. It was among the top gainers on benchmark the S&P/ASX 200 index .AXJO, which was down 0.3%.

Jefferies analysts said protectionism on the U.S. steel industry should provide a tailwind for the prices of hot-rolled coil, a type of steel, and is positive for BlueScope.

North America forms BlueScope's biggest revenue-generating geography, having accounted for about 43.9% of its total sales in fiscal 2024.

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Rashmi Aich)

((Aaditya.GovindRao@thomsonreuters.com;))

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