Smorgon Steel pleased with first-half result

Australian steelmaker Smorgon Steel Group Ltd. disclosed that the company's first-half profit rose 0.7 percent year on year due to the strong demand from construction and mining sectors. Smorgon Steel said net profit amounted to A$60.5 million in the six months to December 31, 2005. “We are pleased with this result because it has been achieved in a period in which different parts of our customer base experienced very different trading conditions”, said Ray Horsburgh, Managing Director and CEO of Smorgon Steel. “We have seen strong demand for our products from the construction and mining industries, but sales to Australian manufacturers have been below expectations”, he added.