OneSteel sales profit slips, sees flat in H1
OneSteel, Australia's second-largest steelmaker forecasted a weak outlook for the first half after posted a full-year profit down 2.5%, with pressure from a strong Australian dollar crimping domestic steel margins and volumes. Reuters reported.
OneSteel, which makes long steel products such as bars, pipes and rails, said net profit before one-off items, fell to AUD235 million from AUD241 million a year ago, below AUD248 million forecasted by Thomson Reuters data.
OneSteel said its sales volumes remained at weak levels around 15% to 20% below pre global crisis levels, and the steelmaker expected production and operating levels in the first half of the 2012 fiscal year to be flat.