CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

BlueScope Steel shares up after profit guidance lifted

By Andreas Ismar

03:17, 21 October 2021

A worker pouring liquid metal into a mold
A worker pouring liquid metal into a mold - Photo: Shutterstock

Shares in BlueScope Steel jumped on Thursday after the company raised its profit outlook for the July-December period.

The Australian steelmaker now expects earnings before interest and taxes to be between AUD2.1bn ($1.6bn) and AUD2.3bn during July-December 2021, higher than a prior guidance of AUD1.8bn-AUD2bn due to rising prices and demand as China, the world’s biggest steel producer, curbs output.

BlueScope shares rose as high as 3.1% to AUD20.84 intraday on the Australian bourse. Post midday in Sydney, the shares exchanged hands at AUD20.62, up 2.4% from Wednesday’s close.

Higher prices in US, strong Australian demand

The improved outlook comes on the back of stronger-than-expected hot-rolled coil prices at BlueScope’s North Star mini-mill in the US as well as strong demand for its coated products there. Robust demand from the building and construction sector in its home market is also pushing up margins.


0.64 Price
+6.310% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


61,853.90 Price
-1.240% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


2,083.15 Price
+1.890% 1D Chg, %
Long position overnight fee -0.0191%
Short position overnight fee 0.0108%
Overnight fee time 22:00 (UTC)
Spread 0.50


18,286.90 Price
+1.410% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0

“The performance continues to demonstrate the value of our business model, and further underpins our capacity to invest for long-term sustainable earnings and growth, to position the business for a low carbon future and to deliver solid returns to shareholders,” BlueScope managing director and CEO Mark Vassella said in an exchange filing.

The company will provide more details at its annual general meeting on 18 November.

BlueScope shares have been falling this week, going from AUD20.97 last Friday to AUD20.01 on Tuesday. The guidance on Thursday and increase in its share price helped limit the week’s fall to just 1.7%.

Read more: Iron ore prices rise, fears of slow China demand limits gains

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 580.000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading