Sydney-based OneSteel Ltd, Australia's second largest steelmaker, has downgraded its forecast for net operating profit after tax in the financial year 2009 to AU$200 million ($145 million), the company said in a statement on Thursday, April 16.
The company has revised its earnings expectation due to the fall in iron ore prices since February 2009, lower domestic demand, and greater-than-expected margin pressure.
In February, OneSteel forecasted an operating profit for FY 2009 in the range of AU$325-375 million.
$1=AU$1.38