Business · Trade · 1 hr ago
BlueScope raises earnings forecast as US steel prices climb
Australian steelmaker BlueScope raised its earnings forecast after earnings from its North American mini-mill rose by nearly 75 per cent.
The company’s directors had rejected takeover offers earlier this year, and its shares now trade above the final bid price.
US steel prices have climbed as tariffs on imports took effect under President Donald Trump.
The tariffs were first set at 25 per cent and later doubled to 50 per cent.
US steel prices are up by more than a third since Trump returned to the presidency, while hot-rolled coil prices have risen by more than 50 per cent.
US steelmakers have benefited from higher prices, while prices in many other markets have fallen or remained soft.
The tariffs and higher profits for steelmakers are likely to continue, although the sources give no specific timeline.
BlueScope raised its earnings forecast this week, largely because earnings from its North American mini-mill rose nearly 75 per cent.
US steel prices have reached their highest level in four years, with the article linking the rise primarily to tariffs.
US steel prices have risen for 12 consecutive months and are up by more than a third since Donald Trump regained the presidency.
The article says US hot-rolled coil prices are up by more than 50 per cent and are more than 50 per cent higher than prices in the European Union.
The article argues that tariffs have benefited US steel producers while harming other parts of the economy.
- Who
- BlueScope, the Australian steel company, raised its earnings forecast.
- What
- The company’s forecast rose significantly, driven largely by a near 75 per cent increase in earnings from its North American mini-mill.
- When
- This week, according to the article published October 28, 2026.
- Where
- The earnings increase came from BlueScope’s North American mini-mill; the article focuses on US steel prices.
- Why
- The article says US tariffs have helped push steel prices higher.
US administration
The article’s columnist
Tariffs
US administration
Trump cited national security grounds for imposing tariffs on steel and aluminium imports.
The article’s columnist
The columnist says tariffs have driven up steel prices and are destructive for all but their direct beneficiaries.
Trump imposed 25 per cent tariffs on steel and aluminium imports, citing national security grounds.
Trump doubled the tariffs on steel and aluminium imports to 50 per cent after a lower court ruled his broader tariffs illegal.
US steel prices recorded their 12th consecutive monthly increase.
BlueScope significantly raised its earnings forecast, driven largely by its North American mini-mill.
- BlueScope forecast
- Raised significantly this week
- North American mini-mill earnings
- Up nearly 75 per cent
- US steel and aluminium tariffs
- 50 per cent
- US steel prices
- Up by more than a third since Trump regained the presidency
- US hot-rolled coil prices
- Up by more than 50 per cent