BlueScope profits surge 75% as Trump's steel tariffs lift prices
Trump's steel tariffs drove BlueScope's North American earnings up 75%, boosting the company's profit forecast.
Australian steel giant BlueScope lifted its earnings forecast. A near 75 per cent increase in North American mini-mill earnings drove this.
Trump doubled steel import tariffs to 50% in June. US steel prices reached their highest level in four years.
Hot-rolled coil prices rose more than 50% since Trump returned to office. BlueScope shares trade about 40% higher.
This is above the initial takeover offer from the Stokes family's SGH that it rejected earlier this year. The company had rejected multiple approaches, apparently betting correctly on higher US prices.
US steel producer Nucor earned $US2 billion in net income last year. It earned $US3.2 billion in only the first nine months of this year.
However, analysts warn the tariffs cost US steel-using companies far more. The higher input costs are more than what steelmakers have gained.
- Near 75 per cent
- North American earnings increase
- 50 per cent
- Steel tariff rate
- Nearly 40 per cent
- Share price gain
- $14.2 billion
- Takeover bid amount
Why it mattersBlueScope's gains show how tariffs can create sudden windfalls for insiders while broader economic impacts remain hidden.
AustraliaAn Australian company's profits are surging from US policy, showing how global tariffs affect Australian exporters and their shareholders.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
Open this story in InSnip →
