According to report, Australian second-largest steelmaker, OneSteel said today it will change the company’s name to Arrium as the company will focus on more mining and materials business and draw more new investors.

OneSteel said last month that its name will not attract new investor as now steel only accounts for 47% of total assets, a significant drop from 92 percent five years ago.

The company’s steel manufacturing and distribution business has been seriously hurt by slow demand in Australia’s construction and engineering sectors and it turned to another loss for the first half year.

The new company name will be approved at the shareholders meeting on May 8th.