BUZZ-Jefferies cuts Aussie BlueScope's PT, outlook on steel spread decline

Reuters

06/11

** Jefferies cuts forecast and PT for steel producer BlueScope BSL.AX on lower spread, weaker NZ recovery and FX impacts

** Brokerage trims price target to A$29/shr from A$30/shr; maintains "buy" rating

** Says, steel spreads from NorthStar mill have eased to ~$460 per tonne, down 17% from May highs

** Downgrades 2H25 EBIT forecast from A$540 million ($352.30 million) to A$484 million

** North America was BSL's largest revenue segment in the six months to December 31, 2024; it operates five businesses in the region, including the NorthStar mill in Ohio

** Stock up ~26% YTD

($1 = 1.5328 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))

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maintains \"buy\" rating** Says, steel spreads from NorthStar mill have eased to ~$460 per tonne, down 17% from May highs** Downgrades 2H25 EBIT forecast from A$540 million ($352.30 million) to A$484 million** North America was BSL's largest revenue segment in the six months to December 31, 2024; it operates five businesses in the region, including the NorthStar mill in Ohio** Stock up ~26% YTD($1 = 1.5328 Australian dollars)(Reporting by Kumar Tanishk in Bengaluru)((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}