Show your support by donating any amount. (Note: We are still technically a for-profit company, so your
contribution is not tax-deductible.)
PayPal Acct: 
Feedback: 
Donate to VoyForums (PayPal):
| [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, [4], 5, 6, 7, 8 ] |
| Subject: BHP Steel shares were 10c lower at $3.50 | |
|
Author: Yes another goodun bonkers was attacked on at 2.50 |
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
Date Posted: 11:32:01 01/29/03 Wed BHP Steel wins China concession January 29, 2003 Analysts said that BHP Steel (BHP) may expect a small boost to its earnings from China’s decision to increase exemption for some of its rolled steel products. Australian Trade Minister Mark Vaile announced the news in a statement today. According to the statement, China has agreed to exempt BHP Steel’s Zincalume and Clean Colorbond rolled steel products from tariff rate quotas, allowing it to lift its exports to that country. “It will allow it to increase its volume of painted steel exports to China from 60,000 tonnes in 2002 to an expected 100,000 tonnes in 2003 and gives a sound basis for the company's ongoing expansion plans,” Vaile said in a statement. Vaile said China's decision would bring certainty to BHP Steel’s expansion in China, where it is developing two new production facilities in addition to two existing plants. Last year China implemented retaliatory steel safeguard measures last year after the US and then the EU introduced tariffs and quotas to protect their respective steel industries. SHAW Stockbroking’s head of resources research John Colnan commented that the extra tonnage only represented a couple of percentage of the company’s production from that division. “Nevertheless, its an incremental positive for the company and points to further exports to the region down the track,” he noted. BHP Steel is expected to report its first half result on 23 February. SHAW Stockbroking is currently expecting it to report a first half profit of approximately $190 million and an interim dividend of 9c unfranked. At 1553 AEST BHP Steel shares were 10c lower at $3.50 after closing at an all-time high of $3.68 last Friday. [ Next Thread | Previous Thread | Next Message | Previous Message ] |