Latest news with #MarkVassella
Reuters
3 days ago
- Business
- Reuters
Australia's BlueScope surges on Trump's plan to double tariffs on steel imports
June 2 (Reuters) - Shares of Australian steel producer BlueScope Steel ( opens new tab jumped on Monday to a more than three-month high after U.S. President Donald Trump said he planned to double tariffs on imported steel. Shares of BlueScope, which operates five businesses in North America including the North Star mill in Ohio, were up as much as 9.4% at A$24.88 in early trade. The stock was among the top performers in the broader ASX 200 benchmark index (.AXJO), opens new tab, which was down 0.4%. Trump on Friday said that he planned to double tariffs on imported steel and aluminium to 50%, ratcheting up pressure on global steel producers and deepening his trade war. These proposed tariffs could bode well for BlueScope in enhancing steel prices in the U.S., thus driving tailwinds for the company, said Grady Wulff, a market analyst at Bell Direct. In mid-February, the stock rose 12% after the company's chief executive Mark Vassella said that the business could benefit from Trump's protectionist tariffs. However, shares have slipped nearly 10% since Vassella's statements. Uncertainty of a rebound in demand from China for steel and steelmaking ingredients has weighed on all companies with exposure to this market, Wulff said, along with tariffs which are increasing uncertainty around the recovery of demand for steel-related materials. BlueScope has borne the brunt of weak iron ore prices, which have fallen 3.5% so far this year. North America was BlueScope's biggest revenue-generating segment in the six months to December 31, 2024, accounting for 42%, or A$309 million ($199.77 million), of all underlying earnings before interest, taxes, depreciation and amortisation. Australia made up 39%, or A$288 million. ($1 = 1.5468 Australian dollars)
Yahoo
3 days ago
- Business
- Yahoo
Australia's BlueScope surges on Trump's plan to double tariffs on steel imports
By Nikita Maria Jino (Reuters) -Shares of Australian steel producer BlueScope Steel jumped on Monday to a more than three-month high after U.S. President Donald Trump said he planned to double tariffs on imported steel. Shares of BlueScope, which operates five businesses in North America including the North Star mill in Ohio, were up as much as 9.4% at A$24.88 in early trade. The stock was among the top performers in the broader ASX 200 benchmark index, which was down 0.4%. Trump on Friday said that he planned to double tariffs on imported steel and aluminium to 50%, ratcheting up pressure on global steel producers and deepening his trade war. These proposed tariffs could bode well for BlueScope in enhancing steel prices in the U.S., thus driving tailwinds for the company, said Grady Wulff, a market analyst at Bell Direct. In mid-February, the stock rose 12% after the company's chief executive Mark Vassella said that the business could benefit from Trump's protectionist tariffs. However, shares have slipped nearly 10% since Vassella's statements. Uncertainty of a rebound in demand from China for steel and steelmaking ingredients has weighed on all companies with exposure to this market, Wulff said, along with tariffs which are increasing uncertainty around the recovery of demand for steel-related materials. BlueScope has borne the brunt of weak iron ore prices, which have fallen 3.5% so far this year. North America was BlueScope's biggest revenue-generating segment in the six months to December 31, 2024, accounting for 42%, or A$309 million ($199.77 million), of all underlying earnings before interest, taxes, depreciation and amortisation. Australia made up 39%, or A$288 million. ($1 = 1.5468 Australian dollars)
Yahoo
17-02-2025
- Business
- Yahoo
Australia's BlueScope steel climbs over 3-year peak as earnings beats estimate
By Rajasik Mukherjee (Reuters) - Shares of Australia's BlueScope Steel hit a more than 3-year high on Monday after the steelmaker's half-year underlying profit surpassed market expectations and its upbeat commentary on U.S. tariffs on steel imports. The stock gained as much as 12.3% to A$25.100, poised to touch its highest level since August 31, 2021. The stock also marked its biggest intraday gain since October 23, 2020. The broader ASX200 benchmark was down 0.6%, as of 0246 GMT. The country's largest steelmaker reported an underlying net profit after tax of A$176 million ($112.01 million), beating both Visible Alpha consensus of A$171 million and UBS estimate of A$170 million. "(First half) result was a small beat driven by a strong Australian steel products' (ASP) result," analysts at UBS said in a note. The ASP division reported an underlying earnings before interest and tax of A$131 million, ahead of Jarden estimates and the second half of fiscal 2024. CEO Mark Vassella also hinted at potential boost to its profitability due to U.S. President Donald Trump's tariffs on steel imports. ""If prices go up, as we saw last time, then the short answer is, Yes, we stand to benefit," he said, noting that steel prices were up 20% since Trump's tariff announcement a week ago. North America was BlueScope's biggest revenue-generating geography in fiscal 2024, having accounted for about 43.9% of its total sales. The Melbourne-based steelmaker also announced an interim dividend of 30 Australian cents per share. BlueScope also said it expects underlying EBIT in the second half of the year to be in the range of A$360 million to A$430 million, higher than the A$309 million reported in the first half. The 2022-founded company also projected higher second-half earnings for its North America segment. ($1 = 1.5713 Australian dollars)
Reuters
17-02-2025
- Business
- Reuters
Australia's BlueScope steel climbs over 3-year peak as earnings beats estimate
Feb 17 (Reuters) - Shares of Australia's BlueScope Steel ( opens new tab hit a more than 3-year high on Monday after the steelmaker's half-year underlying profit surpassed market expectations and its upbeat commentary on U.S. tariffs on steel imports. The stock gained as much as 12.3% to A$25.100, poised to touch its highest level since August 31, 2021. The stock also marked its biggest intraday gain since October 23, 2020. The broader ASX200 benchmark (.AXJO), opens new tab was down 0.6%, as of 0246 GMT. The country's largest steelmaker reported an underlying net profit after tax of A$176 million ($112.01 million), beating both Visible Alpha consensus of A$171 million and UBS estimate of A$170 million. "(First half) result was a small beat driven by a strong Australian steel products' (ASP) result," analysts at UBS said in a note. The ASP division reported an underlying earnings before interest and tax of A$131 million, ahead of Jarden estimates and the second half of fiscal 2024. CEO Mark Vassella also hinted at potential boost to its profitability due to U.S. President Donald Trump's tariffs on steel imports. ""If prices go up, as we saw last time, then the short answer is, Yes, we stand to benefit," he said, noting that steel prices were up 20% since Trump's tariff announcement a week ago. North America was BlueScope's biggest revenue-generating geography in fiscal 2024, having accounted for about 43.9% of its total sales. The Melbourne-based steelmaker also announced an interim dividend of 30 Australian cents per share. BlueScope also said it expects underlying EBIT in the second half of the year to be in the range of A$360 million to A$430 million, higher than the A$309 million reported in the first half. The 2022-founded company also projected higher second-half earnings for its North America segment. ($1 = 1.5713 Australian dollars)
Yahoo
17-02-2025
- Business
- Yahoo
Australia's BlueScope steel climbs over 3-year peak as earnings beats estimate
By Rajasik Mukherjee (Reuters) - Shares of Australia's BlueScope Steel hit a more than 3-year high on Monday after the steelmaker's half-year underlying profit surpassed market expectations and its upbeat commentary on U.S. tariffs on steel imports. The stock gained as much as 12.3% to A$25.100, poised to touch its highest level since August 31, 2021. The stock also marked its biggest intraday gain since October 23, 2020. The broader ASX200 benchmark was down 0.6%, as of 0246 GMT. The country's largest steelmaker reported an underlying net profit after tax of A$176 million ($112.01 million), beating both Visible Alpha consensus of A$171 million and UBS estimate of A$170 million. "(First half) result was a small beat driven by a strong Australian steel products' (ASP) result," analysts at UBS said in a note. The ASP division reported an underlying earnings before interest and tax of A$131 million, ahead of Jarden estimates and the second half of fiscal 2024. CEO Mark Vassella also hinted at potential boost to its profitability due to U.S. President Donald Trump's tariffs on steel imports. ""If prices go up, as we saw last time, then the short answer is, Yes, we stand to benefit," he said, noting that steel prices were up 20% since Trump's tariff announcement a week ago. North America was BlueScope's biggest revenue-generating geography in fiscal 2024, having accounted for about 43.9% of its total sales. The Melbourne-based steelmaker also announced an interim dividend of 30 Australian cents per share. BlueScope also said it expects underlying EBIT in the second half of the year to be in the range of A$360 million to A$430 million, higher than the A$309 million reported in the first half. The 2022-founded company also projected higher second-half earnings for its North America segment. ($1 = 1.5713 Australian dollars)
