Mining Shares One Steel Post $74 million lossOneSteel Ltd (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 a 1H FY12 net loss of $74 million, swinging from a $116 million profit a year earlier.

The results were marred by a $130 million writedown on the groups LiteSteel business in the Australia and the US.

The group said that it expects sales of approximately two million tonnes in 2013, after its Peculiar Knob project begins operations in the December quarter of this year.

The company declared an interim dividend of $0.03 a share, unfranked.

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OneSteel (OST) | ASX Stocks to Sell | ASX Sell SharesOneSteel (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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