OneSteel beats profit forecasts as demand improvesFebruary 21,...

OneSteel beats profit forecasts as demand improves
February 21, 2012 - 9:11AM
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OneSteel, Australia's second-largest steelmaker, posted an underlying first-half profit ahead of forecasts boosted by its mining business, and said it expects a significant improvement in its steel business performance in the second half.

OneSteel said its underlying net profit was $78 million for the first half.

That compared with market forecasts of a profit before one-off charges of $63.5 million, according to a Reuters survey of four analysts.

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The forecasts are before a $130 million writedown for the LiteSteel business.

Including the writedowns, OneSteel posted a net loss of $74 million, down from a net profit of $116 million a year ago.

Reuters



Read more: http://www.smh.com.au/business/earnings-season/onesteel-beats-profit-forecasts-as-demand-improves-20120221-1tke0.html#ixzz1mxp2EyR8