Australia's BlueScope Steel climbs as Macquarie lifts target price
BUZZ-Australia's BlueScope Steel climbs as Macquarie lifts target price ** Shares of steel producer BlueScope Steel BSL.AX rises 1% to A$31.88 after Macquarie raises target price to A$35.95 and reiterates 'outperform' rating
** Broker cites intensifying industry tailwinds, with U.S. and Asian steel spreads strengthening
** Notes U.S. demand remains robust, driven by data centre and infrastructure activity
** Says Asian spreads have rebounded to above $300/tonne for the first time since mid-2023
** Flags potential for renewed bid activity after June 18 deadline, with broker saying takeover interest may not be fully priced in
** ** Broader mining sub-index .AXMM jumps 1.4% to their highest since May 14, as iron ore prices extend gains IRONORE/
** BSL up 36% this year, including the day's move
(Reporting by Roushni Nair in Bengaluru)
Recent news on BLUESCOPE STEEL
See all newsMorningstar lifts BlueScope forecasts on stronger US steel spreads
Brief: Bluescope Steel Expects 1H Underlying EBIT To Be A$1.1 Billion
Australia's BlueScope Steel hits over two-month high on revised EBIT outlook
Brief: Bluescope Steel Says Kristie Keast To Leave As Chief Executive North America
Jefferies positive on BlueScope, calls it 'key pick' in industrials