BlueScope reaps rewards from Donald Trump’s tariffs | The Business | ABC NEWS
The country’s biggest steel maker is one of the few supporters of Donald Trump’s tariffs. With a significant US operation, BlueScope has delivered a bumper full-year profit result, reporting a whopping 857 per cent increase in net profit to $802 million.
BlueScope chief executive Tania Archibald spoke to The Business.
Laughing when asked if she’s a fan of Donald Trump’s tariff policy, she admits while the US has a very strong macro and trade environment, she wouldn’t just put the company’s huge profit down to tariffs.
“I mean, it’s hard to come across a better country in the world to make and sell steel….what we have with North Star is probably one of the highest performing mini mills in North America … Auto has remained strong, construction is reasonably strong, and so I think that’s all of those factors coming together is what’s reflecting in the result there.” she says.
She says the South East Asian operation has remained resilient despite a large steel oversupply in China.
The BlueScope chief executive, who took over from Mark Vassella in February, says the company is expanding its US business. On top of a major expansion to their North Star operation, there’s at least two more expansion phases to come, she said.
In terms of the Australian market, which include operations such as COLORBOND and TRUECORE, she says the business is focused on growing the domestic market and reducing exports into the US.
BlueScope recently rejected a takeover proposal from a consortium of SGH (Seven Group Holdings) and Steel Dynamics, saying the offer undervalued Bluescope’s assets.
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