BUZZ-Australia's BlueScope Steel falls on outlook downgrade

Reuters10-29

** Shares of Australia's BlueScope Steel fall as much as 7.8% to A$19.54

** Stock set for weakest trading session since February 2023

** The steel maker lowers its first-half EBIT estimates to the range of A$270 mln ($177.63 mln) to A$310 mln

** New estimate compares to previous outlook of A$350 mln to A$420 mln

** Says outlook lowered due to challenging operating conditions being faced by global steel industry

** Says challenges include continued softness in East Asian spreads owing to record levels of Chinese steel exports, ongoing cost inflation and a period of pause and uncertainty in the US

** Stock has fallen 9.4% this year, as of last close

($1 = 1.5200 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))

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