onesteel refinances debt cuts output

January 27, 2009 - 2:24PM
OneSteel Ltd, Australia's second biggest steel company, says it has refinanced part of its maturing debt facilities and cut back production amid weakening global demand.

The steel maker said on Tuesday that 92 per cent, or $458 million of $500 million of bilateral and syndicated loan facilities, which were due to mature in the 2009 calendar year, had been refinanced.

OneSteel said work to refinance a $200 million syndicated loan facility, due to mature in September, is well-progressed with $208 million refinanced to date.

The company added than steel production had been cut by 300,000 tonnes as market conditions deteriorated late in the 2008 calendar year.