OneSteel to cut jobs after posting net loss for H1 FY 2011-12

Tuesday, 21 February 2012 11:18:20 (GMT+3)   |  
       

The second largest Australian steelmaker OneSteel has announced its financial results for the first half ended December 31 of the financial year 2011-12, posting a net loss for the period.
 
OneSteel registered a net loss of A$74 million in the first half, compared to a net loss of A$116 million in the first half of the previous financial year. The company's sales revenues increased by 15 percent year on year to A$3.79 billion in the first half.
 
According to OneSteel's statement, the company is considering cutting jobs after posting a net loss for the first six months. OneSteel expects to save A$90 million by cutting 430 jobs in the next four months. OneSteel also stated that it is proceeding with the export sales capacity expansion at Whyalla in South Australia to 12 million mt per year.
 
Regarding the near-term outlook, OneSteel expects that in the mining business demand from China will remain strong, supporting higher prices.

Similar articles

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials