Latest news with #Bluescope
News.com.au
4 days ago
- Business
- News.com.au
Lunch Wrap: ASX dips, Bluescope flexes on Trump's latest steel tariff
ASX wobbles as Trump fires up trade war again Bluescope flies on steel tariff boost Brickworks and Soul Patts merge in $14bn deal The ASX opened the week on a bit of a downer, slipping by 0.2% in the first session of trade. Blame it on nerves from Wall Street, which pulled back slightly after Donald Trump, never one for a quiet weekend, fired off fresh salvos in his on-again, off-again trade war with China. This time, Trump's doubling down on steel tariffs, lifting duties from 25% to 50%, which sent tremors through global markets. The move, which came just hours after he accused Beijing of 'totally violating' trade agreements, threw up a big, flashing question mark for investors: is this trade war reheating? But amid the news, some stocks surged. ASX-listed Bluescope Steel (ASX:BSL), for instance, shot up as high as 9% this morning before paring back. Unlike most Aussie exporters, Bluescope makes a stack of its profits in the US. Its North Star mill in Ohio churns out about 3 million tonnes of steel a year for American buyers in the auto, agriculture and white goods sectors. Elsewhere, Brent crude dipped below US$63 as traders braced for more OPEC+ supply. It was a reminder that while everyone's focused on China and steel, the real engine room of the global economy, crude oil, still needs watching. Back on the ASX, sectors like utilities, banks and miners took a hit. Traders are weighing up what an escalation between the world's two largest economies could mean for Chinese demand, and, by extension, Aussie commodity exports. In the large caps space, Brickworks (ASX:BKW) and Soul Patts (ASX:SOL) lit up the boards after announcing they'll merge into a $14 billion investment, building products and property giant. Brickworks jumped 21%, while Soul Patts soared 12.5%. The merger effectively unwinds a decades-old cross-holding setup: Soul Patts owns 43% of Brickworks, and Brickworks owns 26% of Soul Patts. Under the new structure, a freshly minted company called 'TopCo' will scoop up both, with Brickworks shareholders receiving a 10% premium. TopCo will eventually carry the familiar Soul Patts ticker (SOL) and name. Elsewhere, on the move was James Hardie (ASX:JHX), up 3% after locking in $3.5 billion in new debt to help bankroll its acquisition of US building materials group Azek. And, Perenti Global (ASX:PRN) added 4% after winning a five-year, $1.1 billion underground mining contract at Endeavour Mining's (LSE: EDV, TSX: EDV) gold operations in Burkina Faso. Perenti has been working on site since 2018, and the deal keeps them locked in through to FY26 and beyond. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 2 : Security Description Last % Volume MktCap BYH Bryah Resources Ltd 0.009 80% 9,429,219 $4,349,768 DTR Dateline Resources 0.155 60% 89,869,503 $277,247,109 OSL Oncosil Medical 0.003 50% 100,000 $9,213,164 CRI Criticalim 0.018 38% 36,181,768 $34,949,832 LKY Locksleyresources 0.110 38% 20,163,719 $11,733,333 IIQ Inoviq Ltd 0.600 36% 1,945,378 $49,118,433 OB1 Orbminco Limited 0.002 33% 3,580,335 $3,596,352 FTL Firetail Resources 0.080 33% 3,263,690 $22,801,679 DXN DXN Limited 0.047 31% 2,939,090 $10,753,331 ERA Energy Resources 0.003 25% 700,044 $810,792,482 FHS Freehill Mining Ltd. 0.005 25% 4,846,206 $12,934,111 KPO Kalina Power Limited 0.005 25% 10,300,784 $11,731,879 TEM Tempest Minerals 0.005 25% 210,000 $2,938,119 TMG Trigg Minerals Ltd 0.099 22% 30,718,294 $74,833,461 BKW Brickworks Limited 33.520 22% 1,274,605 $4,207,514,804 BSN Basinenergylimited 0.017 21% 212,461 $1,719,610 BP8 Bph Global Ltd 0.003 20% 200,000 $2,627,462 EAT Entertainment 0.006 20% 28,942 $6,543,930 EE1 Earths Energy Ltd 0.006 20% 32,378 $2,649,821 GLL Galilee Energy Ltd 0.006 20% 185,049 $3,535,964 IPT Impact Minerals 0.006 20% 443,094 $19,776,650 RNX Renegade Exploration 0.003 20% 5,196,477 $3,220,909 TMB Tambourahmetals 0.025 19% 603,441 $2,469,391 NNL Nordicresourcesltd 0.100 18% 735,280 $15,360,960 BCC Beam Communications 0.140 17% 148,117 $10,370,631 Dateline Resources (ASX:DTR) is ramping up exploration at its Colosseum gold and rare earths project in California after fresh data confirmed more breccia pipes could be hiding west and southwest of the old pits. The company is kicking off a new program mid-June, using soil sampling, geophysics, and mapping to zero in on drill targets, with rare earths now firmly on the radar thanks to geological similarities with the nearby Mountain Pass mine. Inoviq (ASX:IIQ) has unveiled breakthrough results for its early ovarian cancer screening test, showing 77% sensitivity and 99.6% specificity across all stages, with no early-stage cancers missed in the study. The AI-powered blood test, which uses exosome tech and runs on high-throughput lab instruments, was presented this week at the big ASCO cancer conference in Chicago. There's currently no screening test on the market. Firetail Resources (ASX:FTL) has locked in options to acquire two high-grade gold projects in the US, one in Nevada's massive Walker Lane belt and the other near the legendary Homestake Mine in South Dakota. The Excelsior Springs project comes with strong drill hits like 51.8m at 4g/t gold and historic production of over 19,000oz at 41g/t, while the Bella project boasts rock chip samples over 100g/t and sits just 20km from the 42Moz Homestake deposit. FTL is spending just under a million bucks in cash and issuing shares to get the exploration going. DXN (ASX:DXN) has scored a $4.6 million deal to deliver three modular data centre units to Globalstar in Hawaii by the end of 2025. It won the contract after a competitive tender. The company said the deal puts DXN deeper into the booming satellite and LEO (Low Earth Orbit) comms space, and marks another step in its push into edge-ready data centres. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 2 : Code Name Price % Change Volume Market Cap ASR Asra Minerals Ltd 0.002 -33% 450,000 $8,299,608 HLX Helix Resources 0.002 -33% 38,970,809 $10,092,581 AJL AJ Lucas Group 0.005 -29% 17,610 $9,630,107 ADD Adavale Resource Ltd 0.002 -25% 2,570,000 $4,574,558 NAE New Age Exploration 0.003 -25% 176,721 $10,637,596 SFG Seafarms Group Ltd 0.002 -25% 159,652 $9,673,198 ATV Activeportgroupltd 0.007 -22% 397,619 $6,164,794 HWK Hawk Resources. 0.014 -21% 2,328,771 $4,605,801 AVE Avecho Biotech Ltd 0.004 -20% 392,525 $15,867,318 AYT Austin Metals Ltd 0.004 -20% 1,000,000 $7,870,957 RGL Riversgold 0.004 -20% 9,200,289 $8,418,563 TEG Triangle Energy Ltd 0.002 -20% 123,824 $5,223,085 VRC Volt Resources Ltd 0.004 -20% 1,896,263 $23,423,890 VBS Vectus Biosystems 0.050 -17% 92,135 $3,196,699 1AI Algorae Pharma 0.005 -17% 1,478,761 $10,124,368 FIN FIN Resources Ltd 0.005 -17% 1,152,420 $4,169,331 GGE Grand Gulf Energy 0.003 -17% 126,288 $8,461,275 JAV Javelin Minerals Ltd 0.003 -17% 1,445,333 $18,378,447 PGY Pilot Energy Ltd 0.005 -17% 4,500,000 $11,898,450 RB6 Rubixresources 0.070 -16% 495,317 $5,100,350 GTE Great Western Exp. 0.011 -15% 2,800,391 $7,380,853 TRI Trivarx Ltd 0.011 -15% 2,491,625 $8,026,124 SHO Sportshero Ltd 0.023 -15% 1,014,939 $19,749,044 LOC Locatetechnologies 0.098 -15% 562,647 $23,539,791 IN CASE YOU MISSED IT Singular Health Group (ASX:SHG) has completed a share issue for a placement with Marin and Sons, fulfilling the terms of a follow-on investment from SHG's largest shareholder. Marin and Sons invested $773k at $0.16 per share on May 15, 2024, with the issue of shares approved by SHG shareholders on March 19, 2025. In today's Break It Down, host Tylah Tully explains the latest developments in Sweden, where the country is looking at potentially removing a ban on uranium mining. Aura Energy (ASX:AEE) has interest in uranium projects in Sweden, and is working with the coalition to get the ban lifted. At Stockhead, we tell it like it is. While Singular Health Group and Aura Energy are Stockhead advertisers, they did not sponsor this article.
The Guardian
09-04-2025
- Business
- The Guardian
Labor denounces Dutton's ‘savage' plan to cut net overseas migration by 100,000 if elected
Peter Dutton has said his government, if elected, would slash Australia's net overseas migration levels by 100,000 – recommitting to the figure after months of confusion as the Coalition appeared to walk away from such a plan. The Labor government claimed Dutton's plan – if it amounted to a further cut on top of its current forecast – amounted to 'savage cuts' which would affect skilled workers crucial to construction, aged care and tourism. Outside a Bluescope steel factory in Sydney's western suburbs on Wednesday, as the opposition leader released long-awaited economic analysis of his proposed east coast gas reservation, Dutton said that as prime minister, he would move to slash the net overseas migration (Nom) figure from 260,000 to about 160,000 'straight away'. Net overseas migration counts the difference between those leaving and those entering the country, and includes people on temporary visas. Nom spiked post-Covid, due to pent-up demand for entry to Australia and lower than usual departure numbers. Permanent migration refers to those given long-term visas, including skilled migrants and family visas. Dutton has promised to cut migration levels and cap international students, which the Coalition has blamed for the country's housing crisis. But business groups have raised concerns about knock-on effects of skills shortages with such steep cuts, as well as economic downturn. 'I'm not worried about that,' Dutton said on Wednesday when asked about potential backlash from business. 'I've got the first and foremost interest in mind, and that is to get young Australians into housing.' Dutton, speaking after the Sky News leaders' debate on Tuesday night – where numerous mentions went to migration and migrants – said he remained committed to slashing net migration. 'We can reduce the Nom by 100,000,' the Liberal leader said. 'Straight away. When we get into government, we can deal with Labor's mess.' The latest federal budget predicted the Nom would drop again to more usual numbers of 260,000 in 2025-26, then settle at a lower 230,000 a year from then. The home affairs minister, Tony Burke, said the projected 2025-26 drop would already be a reduction of 120,000 from the latest data. 'Is Peter Dutton proposing to cut Nom by less than the government is proposing?' Burke said in a statement on Wednesday. 'Or is he sticking with his 160,000 overall [Nom] target, which would require savage cuts to the people we need with the skills to build homes, work in aged care and keep our tourism industry going?' In his 2024 budget reply, Duttonfirst promised to cut permanent migration by 25% from 2024-25 – from 185,00 to 140,000 – for the first two years, followed by a step back up to 150,000 and then to 160,000, over the next two. Sign up to Afternoon Update: Election 2025 Our Australian afternoon update breaks down the key election campaign stories of the day, telling you what's happening and why it matters after newsletter promotion Shortly after that speech, Dutton also committed in radio interviews to cut the Nom to 160,000, – a cut of 38% from 260,000. But he had since appeared to back away from the commitment, declining to stand by those Nom targets. In his own 2024 post-budget address, the shadow treasurer, Angus Taylor, gave different Nom targets than Dutton, adding to confusion about the Coalition's goals. Labor at the time accused the Coalition of confusing permanent and Nom numbers. Asked on Wednesday what figure he would cut the Nom intake to, Dutton said 'it depends on what the Nom figure is at the moment'. But asked specifically if he would seek to cut it from 260,000 to 160,000, he responded in the affirmative. 'If you look at the prime minister, [Labor has] all sorts of wild projections in relation to Nom. None of them achieved … their migration targets always blow out,' Dutton said. 'You wonder why we've got a housing crisis when [Labor have] stopped the supply of housing.' The Business Council of Australia expressed concern 'about any proposal that reduces temporary skilled migration and undermines our international education sector, through cuts to net overseas migration'. 'These proposals [capping international student numbers and cutting Nom] could negatively impact our economy, compound our existing skills shortages and make it harder to invest in new projects and grow businesses,' CEO Bran Black said in a Wednesday statement. He called for a migration strategy that 'underpinned by robust housing and infrastructure planning, that attracts highly skilled workers'. 'Australia's migration program should be geared towards helping address our growing skills shortages and backing in our international education sector as the country's fourth largest export.'
