OneSteel to invest $250 mio for expansion project

OneSteel to invest $250 mio for expansion project

Australian OneSteel is reportedly planning to invest $250 million to expand its Middleback Ranges iron ore operation in South Australia which supplies raw material to Whyalla steelworks to increase competitiveness of the operation. Through this project, OneSteel expects its revenue to increase by more than $1 billion within ten years. The revenue covers the gain from iron ore exports and steel production at Whyalla steelworks. The project, which is scheduled to be completed by 2006, is expected to enable the company to increase its exports by an additional 3 million tons. Moreover, through this project, the operation will be able to supply iron ore to Whyalla steelworks until 2027.