Australia’s biggest steelmaker BlueScope has lifted its profit forecast by almost 17 per cent for the December half as it benefits from strong steel prices and booming demand in both the United States and Australia.
The company in August reported its highest annual profit in 19 years and the buoyant conditions are continuing, although some investors believe the golden days in this cycle have already been factored in. BlueScope shares were up 0.8 per cent to $20.30 in late trade on Thursday but have faded from above $25 in mid-August.