The Australian steel producer BlueScope Steel (BSL) was demerged from BHP Billiton in 2002 as BHP Steel and renamed BlueScope Steel in November 2003. Early in 2004, BSL merged with the US firm Butler Manufacturing, founded in 1901. With its headquarters in Melbourne, the company employs 16,000 people. Its chairman is John Bevan and CEO Mark Vasella. BSL is a favourite of Julia Lees.
“I like BlueScope Steel. – we hold BSL in our Fund,” Julia said.
“BSL provided a trading update that points to an earnings upgrade.
Importantly with strong demand in Australia and the US, this points to earnings upside in the second half as well.
“We like BlueScope because of its balance sheet strength, strong assets and dominant position in Australia.
“Steel spreads and volumes have also been improving. As the world tries to kick start growth, steel should be a winner. Improving steel spreads are key to an improving share price,” Julia concluded.
Source: Google
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