12.59pm: Bit more from Reuters on OneSteel's 17 per cent slide...

12.59pm: Bit more from Reuters on OneSteel's 17 per cent slide to an 11-year low, after warning its first-half profit would dive around 50 per cent due to the recent slump in iron ore prices.

"It's a fairly significant downgrade," Reuters cited one analyst as saying, adding that it was 60-65 percent below forecasts.

The analyst said he would have expected the group's shares to fall even more, given how steep the downgrade was, but said the share price may have been supported by commodity analysts' view that iron ore prices have troughed.

Bigger rival BlueScope Steel slid 5.4 per cent on worries about continuing soft demand for steel.
Advertisement: Story continues below


Read more: http://www.smh.com.au/business/markets/markets-live-stocks-retreat-on-greek-woes-20111102-1mujl.html#ixzz1cVmtgPDe