ASX Materials Shares News: OneSteel Ltd (OST)

ASX Materials Shares News: OneSteel Ltd (OST)|ASX OST StocksOneSteel Ltd (ASX:OST) is an Australian manufacturer of steel and finished steel products and a leading metal distributor which is listed on the Australian Stock Exchange.

OST, which was spun out of BHP in October 2000, markets products used in the construction, manufacturing, housing, mining and agricultural industries.

OneSteel announced today that it will write-down $150 million of the value of its LiteSteel Technologies business due to weak residential construction activity.

The company said that the financial statements for last six months of the year will include $90 million of the write-down.

OneSteel also announced that it will sell its Piping System business for $67 million to US based McJunkin Red Man.

Together with the sale of related property investments the company expects proceeds of approximately $100 million.

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