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OneSteel Ltd (ASX:OST) has posted 12% growth in annual net profit to $258 million for the 2010 financial year.

The steel-maker says underlying net profit after tax was in line with market guidance at $241 million, representing a 12 % increase on the same time last year.

Sales revenue however dropped from the $7.2 billion recorded in 2009, to $6.2 million for the year to 30 June.

Managing Director and CEO Geoff Plummer says overall the result was acceptable, given the impact of by weak markets as a result of the GFC.

Mr Plummer says the highlights for the year include a strong operating cash flow of $602 million as well as achieving the 6 million tonne sales target in the groups iron ore business, adding that OneSteel remains well positioned through a strong balance sheet and leverage to the economic recovery.

OneSteel has announced an unfranked final dividend of 6 cents, taking the total dividend for the year to 11 cents.

OneSteel reported a profit of $229.5 million for the year to 30 June 2009.