OneSteel changes name for mining move

OneSteel will change its name to Arrium as part of its move away from steel and into the mining sector.

According to the company the Board decided to rename the company as it "is now a mining, mining consumables and steel business with an increasingly global orientation, rather than a domestic focused steel company".

It explained that "the name OneSteel no longer reflects the nature of our business as a whole", adding "the name has in fact been an impediment in recent years in the marketing of the company to the investment market.

"We are confident that the proposed new name will facilitate an improved understanding of the company’s businesses and growth strategy."

In 2007 its mining business only accounted for 8% of total operations woth steel the remining 92%, however in the first half of 2012 steel dropped down to 47% as mining accounted for 16%, mining consumables 28%, and recycling 9% of the business.

The company initially made the move into mining in 2005, when it bought into iron ore operations in South Australia.

Currently it has mining operations in South Australia at Whyalla, and operates open cut mines in the Middleback Ranges.

It also opened the Iron Chieftain mine in 2010.

Earlier this year, the company sold its piping systems business to MRC Global for $67 million.

 

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