OneSteel Makes Money as Mining Company

Resource from: CBCC Likes:2961

Aug 17,2010

The country's second-largest steelmaker OneSteel has posted a 12 per cent rise in its full-year profit, driven mostly by higher prices for its iron ore exports. The company is producing enough ore to supply its own steelmaking operations as well as exporting some to China, although demand for its steel products remains relatively subdued. OneSteel made an after-tax profit of $258 million dollars, compared to $230 million dollars the year before. The company's underlying net profit after tax of $241 million was in line with guidance provided by the company in February and May. The company has also reduced its net debt from $1.22 billion to $964 million. OneSteel's chief executive Geoff Plummer says demand was tracking well until Europe's debt crisis boiled over and the Federal Government's resources tax was announced in the June quarter. "We saw resources investment significantly impacted by the RSPT, or the MRRT, whichever version you like to call it, but saw that impact not just directly in terms of mining investment but in regional Australia related to mining, we saw a pause on investments in those markets," he said. The company will pay a final dividend of 6 cents per share, bringing the total annual dividend to 11 cents, which is up 10 per cent on last year. OneSteel's shares had fallen nearly 4 per cent by to $3.06.

(CBCC)

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