SSX

Australian Steel Sector


There are three big steel companies listed on the Australian Stock Exchange: Bluescope Steel (BSL), Smorgon Steel (SSX) and OneSteel (OST). Recent global steel production data shows continued strength in the steel market place, with prices also remaining strong.

Australian Steel Stocks - BSL, OST, SSX, SGM


An update about Australian steel stocks by analyst Citigroup Investment Research (CIR): The analyst's medium-term steel view falters; in contrast to expectations based on their macro driven view of the steel industry, Asian steel prices are up 5%-30% since the start of 2007. The analyst now focuses on near-term indicators of steel prices and increase their earnings forecasts for the volatile steel stocks in their coverage universe by up to 27% and upgrade their recommendation on BlueScope (BSL) to Hold.

Reporting Season Final Update (March 2007)


Last week, global markets stumbled following reports that China was looking to impose controls to curb its rapidly growing economy and concerns that a soft landing for the US economy may be more difficult than first thought. In the background, the Australian reporting season continued its final week, here are analyst Macquarie Research Equities (MRE) observations and thoughts. The HY December 2006 aggregate earnings reported for the market printed 1.5 percentage points below analyst expectations versus those held at the start of this reporting season.

Smorgon Steel (SSX) Shares Recommendation


SB Citigroup has upgraded their recommendation for the Smorgon Steel (SSX) stock to Buy from Hold, High Risk with a share price target of $1.70, increasing by 20 cents. The broker notes that increased scrap prices will boost the company with upside from the fledgling LSB product which is hanging on success in Japan and the US.

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