News Room - Steel Industry

Posted on 10 Dec 2008

OneSteel doesn't expect abnormal profit

ONESTEEL does not expect its net profit in the fiscal first half of this year to differ by more than 15 per cent from a year earlier.

 

The Sydney-based company was responding to an inquiry from the Australian Securities Exchange about its stock declining from $2.75 on December 1 to $2.24 on Tuesday.

 

OneSteel, Australia’s second-largest steel maker, said it doesn’t expect to book any material abnormal or extraordinary profit in its first fiscal half and that it wasn’t aware of any information that could explain the stock’s recent trading.

 

Shares in OneSteel dropped 10.21 per cent to $2.11 in morning trading in an Australian market down 0.32 per cent.

 

The OneSteel query follows speculation that BlueScope Steel , Australia’s largest steelmaker, is planning a capital raising of about $300 million.

 

BlueScope halted trade in its stock at $4.03 yesterday, ahead of an announcement about capital management initiatives.