Bluescope shares are on a tear

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Shares in Bluescope soared after the steel maker upped its profit guidance.

A short time ago, they were up 9.4% to $11.36.

The company reported strong growth in earnings on stronger steel prices and cost cutting.

EBIT (underlying earnings before interest and tax) for the six months to December is now expected to be $600 million, up from November’s guidance of at least $510 million.

This represents growth of about 160% on the first half of the 2016 financial year.

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