News Room - Steel Industry

Posted on 17 Feb 2009

OneSteel H1 profit up, sees steel market weakness

OneSteel Ltd, Australia's second-largest steel company, reported a net operating profit of A$215 million ($140 million) and said it saw further weakness in steel market.

 

Forecasts centred on A$216 million, according to Reuters Estimates.

 

The company, which makes long steel products such as bars, pipes and rails, forecast full-year net operating profit of A$325-A$375 million.

 

The result included the Smorgon Steel business it bought in August 2007. ($1=A$1.54)