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BlueScope Steel (OTC:BLSFY), Australia’s largest steelmaker, is poised to benefit from U.S. President Donald Trump’s 25% tariffs on steel and aluminum imports, CEO Mark Vassella stated. Following the announcement, steel prices surged 20%, promising increased profits for BlueScope’s North American operations.
Posting a stronger-than-expected first-half profit, BlueScope’s stock soared 12% to A$25.03 ($15.90), its highest since August 2021, while the S&P/ASX 200 index fell 0.7%. Vassella highlighted that previous tariffs raised steel prices from $500 to $800-900 per tonne, suggesting a similar boost could follow.
BlueScope operates five North American businesses, including the North Star mill in Ohio, collectively producing 3 million tonnes of steel annually. Comparatively, its Australian Port Kembla Steelworks near Sydney produces over 3 million tonnes annually, with 300,000 tonnes exported to the U.S. The CEO emphasized that domestic manufacturing positions BlueScope to capitalize on rising prices, especially in key sectors like construction, automotive, and manufacturing.
In the six months ending December 31, 2024, North America contributed 42% (A$309 million) to BlueScope’s underlying EBITDA, surpassing Australia’s 39% (A$288 million). Despite a 59% drop in net profit to A$179.1 million, results exceeded analyst expectations of A$170 million. The company also raised its interim dividend by 20% to 30 Australian cents per share.
With strong U.S. demand and potential tariff-driven price hikes, BlueScope is well-positioned for growth in North America. Investors responded positively, driving the stock to its highest level in over two years.
