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FINANCIAL SNAPSHOT

FINANCIALS

  • Statutory net profit after tax $230 million, down 6%.
  • Underlying net profit after tax $215 million (market guidance around $200 million), down 32%, breakeven for second half.
  • Underlying earnings before interest and tax $461 million, down 25%.
  • Strong start to the year, but the last nine months were affected by the Global Financial Crisis.
  • OneSteel responded swiftly to reset the cost base and strengthen its balance sheet.
  • Debt maturing in 2009 refinanced early.
  • Achieved targeted reduction in inventory and working capital including a $120 million per annum reduction to the cost base through a labour reduction program as at mid–August with $160 million estimated by December 2009.
  • Raised additional $789 million of capital in equity raising.
  • Increased iron ore sales to 5 million tonnes and sales capacity to 6 million tonnes per annum.
  • Completed integration of the former Smorgon Steel business and achieved target net synergy benefits run rate of $100 million per annum.
  • Final dividend of 4 cents per share (unfranked) declared. Total dividend for the year 10 cents.

OPERATIONAL

  • Solid sales and operational performance for most of the first half.
  • Operating performance for the financial year significantly impacted by the Global Financial Crisis.
  • OneSteel’s Australian Distribution and Manufacturing segments felt the impact of the Global Financial Crisis from November 2008.
  • Iron Ore and Recycling segments felt the impact earlier in first half due to international nature of their markets.
  • First half EBIT $401 million, second half EBIT $60 million.
  • EBIT/Sales margin down 1.8pts to 6.4%.
  • Iron Ore segment achieved volume target with sales of 5.1 million tonnes and lifted sales capacity to 6 million tonnes per annum. EBIT, at $162 million, is down on prior year due to lower prices and foreign exchange volatility.
  • Recycling - EBIT breakeven in second half. EBIT loss for the year of $39 million - includes $30 million inventory writedown and $10 million cost from contract renegotiations following fall in commodity prices in first half.
  • Manufacturing EBIT down 18% to $161 million due to 24% decrease in volumes, partly offset by higher average price and cost reductions.
  • Australian Distribution EBIT up 26% to $185 million due to cost reductions and a strong market early in year.

KEY FINANCIALS

CALENDAR OF SIGNIFICANT EVENTS

August 2007

  • New management team announced (post merger)
  • Financial results for the full year ended 30 June 2007
  • Australian Tube Mills announced a restructure of its pipe and tube operations
  • Completion of OneSteel and Smorgon Steel merger
  • Acquisition of Fagersta Group, Australia’s 4th largest stainless steel distributor

September 2007

  • Two Directors from Smorgon Steel appointed to OneSteel Board (post merger)
  • Announcement of $20 million investment into Newcastle production facilities

October 2007

  • Long–term iron ore agreement with China’s Tangshan Guofeng Iron & Steel announced

January 2008

  • New reporting structure announced (post merger)

February 2008

  • Restructure of Bar Mill operations announced
  • Financial results for the half–year ended 31 December 2007

July 2008

  • US$200 million private placement announced

August 2008

  • Financial results for the full year ended 30 June 2008
  • Announced details of Project Magnet Phase 2
  • Sharyn Page - new Company Secretary announced

September 2008

  • Takeover offer for Steel & Tube Holdings Ltd.

October 2008

  • Decision not to proceed with Steel & Tube Holdings takeover offer.
  • Steel & Tube Holdings Ltd announced CEO transition plans.

January 2009

  • Announced adjustments to steelmaking production levels

Febuary 2009

  • OneSteel simplified organisational structure.
  • Financial results for the six months ended 31 December 2008.

April 2009

  • Update on production levels.
  • Revised earnings guidance.
  • Presentation submitted to Senate Committee on climate change policy.
  • Steel & Tube Holdings Ltd organisational changes.
  • Capital Raising announced.

June 2009

  • Chief Financial Officer announced departure (departing December 2009).
  • Kara Nicholls - new Company Secretary.
  • Steel & Tube Holdings Ltd appointed new Chief Executive Officer.

August 2009

  • Financial results for the 12 months ended 30 June 2009.
 
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