OneSteel has flagged a likely loss for the December half, after deciding to write down the value of its LiteSteel Technologies business by AUD 150 million.

It said “The company's financial statements for the six months to December 31 will include AUD 90 million of the impairment charge.”

OneSteel's Litesteel unit makes light weight beams which are mostly used in residential, light commercial and industrial construction.

It said “The write down is due to the continued weak residential construction activity and uncertainty over the timing of recovery, particularly in the US market.”

(Sourced from www.watoday.com.au)