Mining and materials group OneSteel has officially kissed goodbye to its name and said it is on track to deliver a positive earnings result for its steel operations.

The group officially began trading on the Australian Securities Exchange as Arrium, a name it chose in April 2012 to help reflect its diversification from the steel business.

In its first statement to the ASX using its new moniker, the company said it was making progress on improving cost and operational performance at its steel manufacturing business.

Mr Geoff Plummer CEO of Arrium said that the division was on track to deliver an underlying positive earnings before interest, tax, depreciation and amortization for the second half of the 2012 financial year.

The forecast excludes the impact of the AUD 64 million Steel Transformation Plan advance.

Mr Plummer said that the expansion of Arrium's mining business was also tracking in line with management's time and cost expectations.

Source - AAP

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