is ost a buy?, page-19

I am not a holder. Just saw posts about Onesteel come up. Anyway, if they post a profit of $55 million, this would be an EPS of approximately 4.2 cents per share based on rough calculations. at 98 cents per share this is a P/E of 23.3 which is fairly high and above industry average.
Am I doing this correctly? its based on 55 mil / 1.3 billion shares on issue. I am just doing this for my own valuation and if someone could correct me if I have made any mistakes feel free to do so!