BluesCope rises in Australia on Trump’s plan to double the definitions of steel imports

Written by Nikita Maria Gino

(Reuters) -BluesCope Steel, which was carried out by the Australian BluesCope Steel, jumped on Monday to the highest level in more than three months after US President Donald Trump said he intends to double the definitions of imported steel.

Bluescope shares, which run five companies in North America, including the North Star mill in Ohio, increased by up to 9.4 % at $ 24.88 in early trade.

The stock was among the best artists in the broader ASX 200 index, which decreased by 0.4 %.

Trump said on Friday that he intends to double the tariffs on imported and aluminum steel to 50 %, which increased pressure on global steel producers and deepening his trade war.

This proposed tariff can preach well for BluesCope to enhance steel prices in the United States, thus leading the back wind of the company, said Jaradi Wolf, a BluesCope market to enhance steel prices in the United States, thus leading the back wind of the company.

In mid -February, the stock increased by 12 % after the CEO of the company, Mark Vasilla, said that the company could benefit from Trump’s protective definitions.

However, the shares have decreased by almost 10 % since Vasila data.

Wolf said that the uncertainty of a recovery in demand from China for steel and steel components may affect all the companies that they offer to this market, as well as the customs tariff that increases uncertainty about recovering the demand for steel -related materials.

BluesCope has the weak prices of iron ore, which has decreased by 3.5 % so far this year.

North America was the BluesCope in the six months to December 31, 2024, which represents 42 %, or 309 million dollars (199.77 million dollars), from all basic profits before interest, taxes, depreciation and extinguishing. Australia reached 39 %, or 288 million dollars.

($ 1 = 1.5468 Australian dollars)

(I participated in the reports of Nikita Maria Gino in Bangaluru; edited by Sherry Jacob Philips and Rashmi AH)