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The BlueScope Steel Limited share price is soaring on US tax cuts

Shareholders in BlueScope Steel Limited (ASX: BSL) are enjoying an early Christmas present after the company revealed it now expects half year earnings to come in at $460 million, compared to prior forecasts for $420 million. The uplift is being attributed to higher steel prices, larger volumes, and improved productivity among other factors.

The company stated it was “too early” to provide a forecast for the second half result due to rising raw material costs and imported competition offsetting the generally positive macro environment.

As a result the share price is up 5% to $15.25 today and the company also flagged that it expects its substantial U.S. profit base to benefit from tax breaks it estimates at 7% in FY 2018 to 11% in FY 2019 and thereafter thanks to company tax breaks being pushed through Congress in the US.

Earlier in the day the stock hit a record high of $15.73 on the positive outlook.

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Motley Fool contributor Tom Richardson has no position in any of the 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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