BlueScope Steel Upgrades Guidance; Fair Value Estimate Increased to AUD 4.90 per Share
Stronger near-term margins drive upgraded guidance, with BlueScope expecting first-half fiscal 2017 EBIT of AUD 600 million, up from previous guidance for AUD 510 million. This reflects improved steel spreads in Australia and New Zealand, higher iron sands earnings due to the iron ore price, and cost reductions. We now expect a full-year EBIT margin of 9.3%, within a whisker of boom-time, pre-financial-crisis levels. We raise our fiscal 2017 earnings forecast to AUD 0.99 per share, up from AUD 0...BlueScope is a manufacturing technology company. Co.'s segments are Australian Steel Products, which produces coated and painted flat steel products for building and construction customers and commodity flat steel products; New Zealand & Pacific Steel, which consists of New Zealand Steel, Pacific Steel, New Zealand Minerals, and BlueScope Pacific Islands areas; BlueScope Buildings, which servicing the low-rise non-residential construction; Building Products ASEAN, North America and India, which producing metal coated and painted steel building products; and Hot Rolled Products North America, which includes a single site electric arc furnace producer of hot rolled coil in Ohio, the U.S.
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