(Reuters) – Shares of BlueScope Steel (OTC: BLSFY) hit a two-month high on Monday after U.S. President Donald Trump said he would announce 25% tariffs on all steel and aluminum imports, which could benefit the Australian steelmaker’s U.S. operations.
The stock rose as much as 4%, as of 0057 GMT, to its highest level since December 2. It was among the top gainers on benchmark of the S&P/ASX 200 index, which was down 0.3%.
Jefferies analysts said protectionism in the U.S. steel industry should provide a tailwind for the prices of hot-rolled coil, a type of steel, and is positive for BlueScope.
North America forms BlueScope’s biggest revenue-generating geography, having accounted for about 43.9% of its total sales in fiscal 2024.
