Why the BlueScope (ASX:BSL) share price is surging 6% // Motley Fool Australia

The BlueScope Steel Limited (ASX: BSL) share price is rocketing higher this morning after the company released a trading update. At the time of writing, the BlueScope share price is up 6.0% to $17.83 after reaching a new, multi-year high of $18.24 during the opening minutes of trade.

Upgraded guidance

According to this morning’s release, BlueScope reported strong demand for its steel products. Although most of the heavy lifting came from its Australian segment, BlueScope upgraded its forecasts for the first half of FY21.

Underlying earnings before interest and tax (EBIT) is projected to be around $475 million. BlueScope noted that this includes the contribution made from the industrial warehouse property sale that was executed…