OneSteel will be no more at least that is the plan of the board as it embarks on a radical name change to reflect its changing profile as a mining and materials company.

At a media briefing as OneSteel released its half year results, CEO Mr Geoff Plummer rejected a suggestion that it signaled the company wanted to exit domestic steel production. However he said the name was limiting, as investors and analysts did not realize the breadth of the company's business.

Mr Geoff Plummer said that "Our assets have gone from over 90% in domestic steel to 40% in mining and mining consumables, and by the time we finish it will be half in mining and consumables. The company planned to be an exporter of 11 million tonnes of iron ore, which would make it a pretty significant iron ore player."

OneSteel, Australia's second largest steelmaker, posted an underlying first half profit ahead of forecasts boosted by its mining business, and said it expects a significant improvement in its steel business performance in the second half.

(Sourced from www.watoday.com.au)