BlueScope Steel Sees Gains from U.S. Tariffs Despite Risks from Chinese Steel

Australia's largest steelmaker expects U.S. tariff-driven price increases to boost profits, while warning of potential steel dumping in domestic markets.

• BlueScope Steel anticipates higher profits in North America due to U.S. President Donald Trump's 25% tariffs on steel and aluminum imports.
• The company's CEO, Mark Vassella, noted a 20% increase in steel prices since the tariff announcement, benefiting BlueScope's U.S. operations.
• BlueScope's Australian operations, which produce 3 million tonnes of steel annually, face risks from potential Chinese steel dumping in response to the tariffs.
• The steelmaker's first-half net profit dropped 59% to A$179.1 million but exceeded market expectations, driving its stock to a 3-year high.
• BlueScope raised its interim dividend by 20% and projected stronger earnings for the second half of the fiscal year.

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The Sydney Morning Herald