"While the Australian domestic market is holding up, North
Star profits will be under pressure at these lower spot levels," analysts
at Citi said in a research note. The analysts said North Star's HRC spread has
contracted to $345 per tonne, which could impact the brokerage's earnings
estimates.
Reuters | Updated: 18-09-2023 10:56 IST | Created:
18-09-2023 10:51 IST
The company generated nearly 42% of its fiscal 2023 sales revenue of A$18.17
billion ($11.71 billion) from North America, with its low-cost, hot rolled coil
regional supplying business - North Star - bringing in A$3.38 billion. The
UAW's strike against General Motors, Ford and Stellantis entered its third day
on Sunday, with no immediate resolution on the horizon.