Austal (ASB) shares rally after winning US Navy contract
ASB +3.21%: announced a milestone contract win at lunchtime today, helping shares in the shipbuilder trade higher through the afternoon against a weaker session more broadly. Austal won their first steel vessel contract from the US Navy, a $US145m contract to build two salvage and rescue ships. They have invested a significant amount in getting their steel ship capabilities up to standard, and while this isn’t the first contract, it is an important step to fully utilizing their capabilities with the world’s largest navy.
MM is long and bullish ASB
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