Australian steel manufacturer, OneSteel Ltd, has more than doubled its profit in the first half of the finanical year and pointed to a positive outlook despite weakness in global markets.
H1 profit rose 131 per cent to $215 million, while on a reported basis, statutory net profit increased to $228 million, up 256 per cent from $64 million in the previous period.
Chief executive Geoff Plummer said the outlook for OneSteel remained positive despite a suppression in demand and weak markets globally.
"Over the longer term, the outlook appears more positive, with the fundamentals for our key market segments sound," Mr Plummer said.
"We expect global and regional steel markets to continue to be weak with prices and demand suppressed until signs of an international recovery are clearer."
However, Mr Plummer said more job cuts were likely.
"To date, we have reduced our direct and indirect workforce by about 650, but I think it is likely there will have to be further reductions from here," he said.
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