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The BlueScope Steel Limited share price just hit a 52-week high

The BlueScope Steel Limited (ASX: BSL) share price has continued its good run and has reached a new 52-week high of $14.29 on Tuesday.

Incredibly, this means the leading steel producer’s shares have now gained over 50% since the turn of the year.

Why have they jumped?

Investors have been fighting to get hold of shares ever since the company released its half-year results in February.

While half-year sales grew a solid 17% to $5.2 billion, half-year profit increased by an enormous 79% to $359 million. This profit growth was largely the result of productivity and cost improvements according to management.

Although its shares have rallied strongly, analysts at Citi appear to believe it can keep going higher.

A research note out of the investment bank reveals that its analysts have a buy rating and $15.00 price target on BlueScope’s shares.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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