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OneSteel sales profit slips, sees flat in H1

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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.
News Date 16 Aug 2011 15:01:44 reported by River Jiang

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