Arrium Limited sees decline in net profit for FY 2011-12

Australia-based mining and materials company Arrium Limited (formerly known as OneSteel) has announced its financial results for the financial year ended on June 30.
 
Arrium registered a net profit of A$58 million in FY 2011-12, down 75 percent compared to the previous financial year. The company's sales revenues increased by six percent year on year to A$7.6 billion in the given year.
 
In FY 2011-12, Arrium achieved iron ore sales of 6.3 million mt and plans to double it to 11 million mt by mid-2013. The Southern Iron expansion of Arrium is progressing on time and budget, with the first iron sale expected in the December quarter of the current year.