Today's price increase might be partly due to US steels proposed takeover. You have Cleveland and a Private equity firm who are looking at US Steel. Price was around 50% above last closing price. Even then it's still cheap and highlights the mispricing of some industrial stocks.
Bluescope could benefit if Cleveland wins the takeover battle because it will have to divest some assets that BSL could pick up cheaply. Also any consolidation is sensible for future pricing and might emphasise BSL is ridiculously cheap at these prices.
Sims Metal bounced 6% today on the release on their yearly report. Hopefully BSL gets a similar response on Monday.
BSL Price at posting:
$21.27 Sentiment: Buy Disclosure: Held
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