OneSteel Ltd (OST) is a global manufacturer and distributor of steel products. It has manufacturing facilities throughout Australasia, and services more than 30,000 customers across the world.
It is also one of the more significant companies in the Australian Stock Market.
The majority of OST’s products are used in the manufacturing, housing, construction and mining industries.
In news that impacted on the Australian stock market, OST agreed to purchase scrap metal business, Metals Trading on Monday.
Metals Trading, which operates scrap yards in Victoria and NSW, is currently a supplier to OST’s recycling business.
Metals Trading also collects around 120,000 tonnes of ferrous scrap, and 30,000 tonnes of non-ferrous scrap per year.
OST management expects the acquisition to be a good strategic fit within the business.
If these expectations turn out to be accurate, OST stands to become one of the better value shares in the Australian stock market.