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

ReutersJun 10, 2025 8:16 PM

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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)

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