OneSteel swings to H1 loss

Company News

OneSteel Limited (ASX:OST) has swung to a first half loss of $74 million from a profit of $116 million the year before.

The company’s result was weighed down by a $130 million impairment charge concerning its steel business.

On an underlying basis profit from continuing operations met its guidance, coming in at $78 million, boosted by a 15 per cent rise in revenue.

OneSteel believes its overall first half performance was disappointing but says it expects a significant improvement in the overall performance of its businesses in the second half.

The company has also revealed it is considering changing its name to reflect changes in its business that now make it a mining, mining consumables and steel business.

An unfranked interim dividend of 3 cents per share has been declared.