OneSteel 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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Onesteel Ltd (ASX:OST) is Australia’s premier manufacturer of steel and finished steel products and is also a leading metal distributor.

OneSteel revised downward its earnings guidance for the 1H12, saying it will provide a trading update at its Annual General Meeting (AGM) on the 21^st of November 2011.

OST will revise down its earnings due to the collapse of iron ore prices, which are now around 30% below their the levels 3 weeks ago, and also the increase in the Australian dollar over the same period.

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OneSteel (OST) is an Australia manufacturer of steel and finished steel products and is also a leading metal distributor.

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

On 10 May, OST downgraded its full year guidance due to the strong Aussie dollar.

OST said that the dollar’s strength had hurt its steel margins and iron ore revenue.  Indeed, OST has been one of the shares to sell over the past year due to the soaring dollar.

Furthermore, its iron ore operations have been impacted by adverse weather in the second half.

As a result, OST now expects full year earnings to be around $270 million, down from its previous forecast of $232 million.

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