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BlueScope Steel (OTC:BLSFY) surged to a two-month high on Monday, climbing 4% by 0234 GMT. The rally was driven by optimism that the Australian steelmaker’s U.S. business would benefit from potential tariffs on all steel imports. The stock was among the top gainers on the S&P/ASX 200 index, which declined 0.4%.
U.S. President Donald Trump announced plans for a 25% tariff on all steel and aluminum imports, escalating trade policy measures. The U.S. sources most of its steel imports from Canada, Brazil, and Mexico, followed by South Korea and Vietnam, according to government and industry data.
Analysts at Jefferies believe increased protectionism will boost U.S. steel prices, benefiting BlueScope, which has significant exposure to the American market. However, they anticipate a negative impact on its Australian operations, estimating a potential A$80 million ($50.12 million) hit in fiscal 2026.
North America was BlueScope’s largest revenue contributor in fiscal 2024, accounting for 43.9% of total sales. The company’s North Star steel mill in Ohio stands to gain from rising domestic steel prices.
The potential tariffs add to existing duties, creating a more favorable environment for U.S.-based producers like BlueScope. Investors appear optimistic about its U.S. growth prospects, driving its stock price higher.
With the steel market closely watching these policy developments, BlueScope remains well-positioned to capitalize on favorable conditions in the U.S. while navigating challenges in Australia.
