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BlueScope Gains on Australia’s Anti-Dumping Duty: Sydney Mover
09/10/2012 12:00
BlueScope Steel Ltd. (BSL), Australia’s largest mill, headed for a 10-month high in Sydney after Deutsche Bank AG raised its earnings estimate, saying it will benefit from a new anti-dumping duty on imported steel.
The stock climbed as much as 4.4 percent to 48 cents, set for its highest close since November 21. It traded at 47.75 cents as of 11:38 a.m. local time. The key stock index rose 0.6 percent.
Anti-dumping duties in the range of 3.4 percent to 15.45 percent will be introduced after the Australian Customs and Border Protection Services ruled the nation’s steel industry suffered from dumped imports from Japan, Korea, Malaysia and Taiwan, Deutsche Bank said in a report dated yesterday.
The bank raised its forecast for BlueScope’s full-year net income by A$14 million ($14.4 million) to A$39 million based on an average estimate for the levy of 8 percent. The steel mill posted a net loss of A$1.04 billion in the year ended June 30.
BlueScope’s closest rival Arrium Ltd. (ARI), which rebuffed a A$1 billion takeover bid this week from a consortium including Noble Group Ltd. and Posco Australia Pty, gained 3.4 percent to 77 cents, exceeding the group’s offer price of 75 cents a share.
The stock climbed as much as 4.4 percent to 48 cents, set for its highest close since November 21. It traded at 47.75 cents as of 11:38 a.m. local time. The key stock index rose 0.6 percent.
Anti-dumping duties in the range of 3.4 percent to 15.45 percent will be introduced after the Australian Customs and Border Protection Services ruled the nation’s steel industry suffered from dumped imports from Japan, Korea, Malaysia and Taiwan, Deutsche Bank said in a report dated yesterday.
The bank raised its forecast for BlueScope’s full-year net income by A$14 million ($14.4 million) to A$39 million based on an average estimate for the levy of 8 percent. The steel mill posted a net loss of A$1.04 billion in the year ended June 30.
BlueScope’s closest rival Arrium Ltd. (ARI), which rebuffed a A$1 billion takeover bid this week from a consortium including Noble Group Ltd. and Posco Australia Pty, gained 3.4 percent to 77 cents, exceeding the group’s offer price of 75 cents a share.
Oct 5, 2012 9:23 AM GMT+0700
By Soraya Permatasari
Source: Bloomberg.com
By Soraya Permatasari
Source: Bloomberg.com
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