OneSteel announces profit and upgrade investment
Australian OneSteel Limited announced today that it had achieved an after tax profit improvement of 178.7%, with a raise from A$19.7 million to A$54.9 million in the six months to December 2002 compared to the corresponding period previous year. This result was achieved on increased sales revenue of 3.5% to A$1,525.0 million. Furthermore, the OneSteel plans to make a machinery upgrade in the market mill in NewCastle worth A$ 14.5 million, having received the board approval for capital investment for this project. Such upgrade will improve the production technologies as required. The machinery is expected to be commissioned within 18 months.