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Australian Arrium sees profits slump by 74%
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According to report, Australian Arrium Ltd, formally known by OneSteel, said today its annual profit may drop by 74% after it changed its focus to iron ore mining and move far from a local steelmaking industry.
The profit was influenced by strong Australian dollar and high input costs.
It expects the result ended June 30 will be AUD60 million, down from AUD230 million in one year ago.
The AUD60 million net profits include a tax benefit of about AUD35 million, which is related to the country’s the new tax on resources companies.
News Date
7/17/2012 1:34:54 PM
reported by
Judy Lin
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