OneSteel Limited OneSteel Grinding Systems (OGS ... - Arrium

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OneSteel Limited OneSteel Grinding Systems (OGS ... - Arrium

OGS – Products and CustomersProductsProduct Process Media Size & Type General Use %Small Balls Roll Forge/HT 1.5”-4” Grinding Balls Ball Milling 55Big Balls Upset Forge/HT 4”-5.5” Grinding Balls SAG Milling 40Grinding Rods Cut/Heat Treat 2.5”-4” Grinding Rods Rod Milling 5Total 100Customers (Copper, gold, iron ore)NewmontAsarco (Grupo Mexico)FreeportRio TintoBarrickUS SteelEtc…….2010 Sales• 80% Domestic• 20 % Export (Canada, Mexico, SouthAmerica, Africa)4


HistoryMore than 80 years of Grinding Media Production in Kansas City1930’s – 1960’s 1960’s – 1993 1993 – 2002Grinding Systems – America LLC2002 – 2004 2004 - 2007 2007 - Today5


OGS – Kansas City facilityKansas City Quick FactsProcess Schematic• Modern Facility (Built new in 1996)• 14 acres (5.7 hectare)RollFormer• 120,000 sq ft (11,000 sq m)• 190,000 ntpy capacity (170,000 mtpa)Feed Line• Produce 1.5” to 5.5” balls (40 – 140mm)• World class conversion costs• 59 total employees (non-union)UnscramblerWalking Beam Furnace(35 T/Hr Natural Gas)CoolingTableQuenchTemper FurnaceSafety Program• Utilize DuPont Safety Management Systems• Meet/exceed OSHA requirements• Incorporates OneSteel “Codes of Practice”• Focus on injury prevention through:• Observations, Risk reduction, employee involvementInductionFurnaceBig BallMachine6


OGS Key DriversSafety• Safety of our employees is our number one focus.• Goal is Zero Injuries (this can be and will be achieved).• Awareness (observations), risk reduction, and employee involvement are key.Customer Commitment• Strong market presence.• Continued product development to maintain value proposition.• 99+ % Delivery performance.OGS Management• Seasoned management team from former Armco/GSI grinding media business(8 managers with more than 20 years grinding media experience).Strength within OneSteelOneSteel has combined Kansas City and Waratah technical expertise (+160 yrs)• Waratah, Kansas City and Cilegon has common approach of large global customers• Formal strategy meetings, technology reporting, and operations benchmarking withinOneSteel grinding media global management7


OneSteel LimitedOneSteel Grinding Systems (OGS)Kansas City Plant Virtual Tour10 June 2010


OGS Kansas City Plant Virtual TourRaw Materials (Purchased Bars)9


OGS Kansas City Plant Virtual TourBar Loading10


OGS Kansas City Plant Virtual TourBar Unscrambler11


OGS Kansas City Plant Virtual TourFurnace Charging12


OGS Kansas City Plant Virtual TourBar Heating13


OGS Kansas City Plant Virtual TourHot Bar Feed14


OGS Kansas City Plant Virtual TourSmall Ball Forge (Rollforming)15


OGS Kansas City Plant Virtual TourSAG Ball Forge (Upset Forging)16


OGS Kansas City Plant Virtual TourCooling Table17


OGS Kansas City Plant Virtual TourWater Quenching18


OGS Kansas City Plant Virtual TourHeat Treatment (Discharge)19


OGS Kansas City Plant Virtual TourBall Storage20


OGS Kansas City Plant Virtual TourShipping21


Rebuilding of the Kansas City Facility22


DisclaimerThese presentations contain certain forward-looking statements with respect to the financial condition,results of operations and business of OneSteel and certain plans and objectives of the management ofOneSteel. Forward-looking statements can generally be identified by the use of words such as ‘project’,‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similarexpressions. All such forward looking statements involve known and unknown risks, significantuncertainties, assumptions, contingencies and other factors, many of which are outside the control ofOneSteel, which may cause the actual results or performance of OneSteel to be materially differentfrom any future results or performance expressed or implied by such forward looking statements. Suchforward-looking statements speak only as of the date of this presentation. Factors that could causeactual results or performance to differ materially include without limitation the following: risks anduncertainties associated with the Australian and global economic environment and capital marketconditions, the cyclical nature of the steel industry, the level of activity in the Australian construction,manufacturing, mining, agricultural and automotive industries and, to a lesser extent, the sameindustries in Asia and New Zealand, commodity price fluctuations, fluctuations in foreign currencyexchange and interest rates, competition, OneSteel's relationships with, and the financial condition of,its suppliers and customers, legislative changes, regulatory changes or other changes in the laws whichaffect OneSteel's business, including environmental laws and the Carbon Pollution Reduction Scheme,and operational risk. The foregoing list of important factors is not exhaustive. There can be noassurance that actual outcomes will not differ materially from these statements.23


Reinsert Corporate Graphic on final slidesRemoved to manage file sizeOneSteel LimitedRecycling USA – Tommy Quirke, President10 June 2010


Contents• Strategic context• Business overview• Safety• Business conditions• Shredder• Cost management• Competition• Recent improvement initiatives• Growth options2


Niche strategy - local positionsSCHNITZERSIMS• Businesses are a clear contrast tothe mega recyclers• Local positions in the shadows ofmajor players (coverage area ofmajor players represented by bluecircles)• Unique service propositions• Flexible scale – responsive tochanging conditions• Access to multiple market options(local and export) and a globaltrading networkTMR3


Overview• OSTR was created with the acquisition of ITI business (Virginia & Florida) inFeb 06 and a further acquisition of the IMR business (Maine) in March 07• Focus was to install shredder in Tampa (Apr 2009), develop NF business inVirginia and enhance yards in Maine• Virginia and Florida operations are primarily bulk export yards• Maine operations ship domestically; no bulk export capabilities4


Safety• Key priority which has delivered substantial improvement in hazardidentification, yard delineation and employee awareness and engagement• SafeOps Plan enabled across the business• Current focus on “Line of Fire”, Lifesavers and comprehensive employeeengagement5


Business conditions• The business has a strong market position, well positioned to accesspeddler trade and is heavily influenced by residential construction activityand household spending.• Key indicators have been steadily improving• Consumer spending increasing• Automobile sales improving although still low by recent standards• Homebuilding (although mortgage finance remains tight)• Manufacturing activity – orders up, rehiring, increased transport activity• Unemployment remains an exception with rates historically high• The Florida markets were hit hard by the triple threats of high debt, highunemployment and a free-falling housing market, but recent indicatorsshow:• Housing starts are rising again• Unemployment peaked at 12% and is predicted to fall to 8% by 2013• The Gross State Product (GSP), a measure of goods and services produced inFlorida, is expected to expand 2.1% this year after contracting the past two years• Maine has had four consecutive quarters of overall economic growth andthree solid months of employment gainsSources include US Federal Reserve Board6


Ferrous scrap intake & pricing• The industry has been impacted by the adverse external market factors, buthas been successful in at least maintaining market share throughout• Major impact from the GFC and consequent volatility• 2010 has delivered a steady and sustained improvement in tradingconditions and market activityOSTR US Ferrous Scrap Intake VolumeQtrly Average Purchase Price - IndexedFerrous Scrap100500Jul-08Oct-08Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10Q1 FY09Q2 FY09Q3 FY09Q4 FY09Q1 FY10Q2 FY10Q3 FY107


Non ferrous scrap intake and pricing• Non ferrous markets were shattered by the GFC, but we are experiencing asteady recovery in prices and volume notwithstanding recent volatilitytriggered by Euro Zone debt issues• Despite the industry turmoil the business has at least maintained marketshare.OSTR US Non Ferrous Scrap Intake VolumeQtrly Average Purchase Price - IndexedFerrous Scrap100500Jul-08Oct-08Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10Q1 FY09Q2 FY09Q3 FY09Q4 FY09Q1 FY10Q2 FY10Q3 FY108


21/04/201021/03/201021/02/20109Ferrous sales profileFerrous SalesDestinationChina8%India10%USA36%Turkey46%5004003002001000US East Coast Export Prices(Source: Metal Bulletin)21/05/200921/06/200921/07/200921/08/200921/09/200921/10/200921/11/200921/12/200921/01/2010


LME non ferrous prices• The recent Euro Zone debt crisis has triggered a market correctionLME Prices - USD - Indexed12010100806040AluminiumCopperNickel200Jun-07Aug-07Oct-07Dec-07Feb-08Apr-08Jun-08Aug-08Oct-08Dec-08Feb-09Apr-09Jun-09Aug-09Oct-09Dec-09Feb-10Apr-10


Tampa Shredder• April 2009 98”x104” Texas Shredder was commissioned• 6000 HP motor capable of producing 150 MT of shredded steel scrap perhour• Features state-of-the-art “smart water injection system” in which softwareinjects water into the mill to reduce any environmental & safety concerns• Utilizes dual magnet line to separate steel from fluff/flock waste line• 4 Eddy Current Systems (“ECS”) extract NF metals from waste stream –commodity is called Zorba• 2 Sensor Sort Systems extract Stainless Steel from the waste stream –commodity is called Zurich11


Cost management• A lean business pre GFC the business was forced to take radical action tooffset the wind-back in activity. More recently the business has been ableto implement a number of cost saving initiativesCost Management Index - July 08 = 1004003002001000Jul-08Oct-08Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10Index – 3 month moving average measuring total expenses / total intake12


Competition• Florida• Key competitor is TMR (Trademark Recycling; Nucor / David J Josephs)• Operates 20 sites & 5 shredders in Florida including Tampa & Ocala• Recently acquired the Ocala shredder and yards from Blaze• Domestic Mill Gerdau is 3.5 hours away which operates a shredder and buysscrap for remelting• Virginia• Key competitor is Sims Metal Management• Operates 5 sites and 2 shredders within a 90 mile radius from our Chesapeakelocation• Domestic Mill Gerdau is 1.5 hours away and SIMS operates a shredder on site,plus Gerdau buys scrap for remelting• Maine• Key competitor & customer is Schnitzer• Restructuring OSTR channels to market to increase independence• Local small dealer competition• No Domestic Mill competition, closest Mill is 8 hrs away13


Recent improvement initiatives• The business has undergone considerable recapitalisation having experiencedunderinvestment for a number of years• All yards are undergoing upgrades including concreting, building upgrades, revisedprocess flows, etc. yielding safety and operational benefits, including a $1.7Mconcreting of the export yard in Tampa14


Recent improvement initiatives (cont.)• The business has implemented significant cost and operational initiatives toachieve a more robust cost structure able to better absorb the marketvolatility• A key initiative has been to develop front line leader capability via theappointment of new managers and creation of new roles. The increasedcapability and responsibility is enabling significant improvements in safety,productivity and branch growth.• A major deliverable of the yard upgrades was to enhance the “customer”experience through reduced turnaround times and a safer environment. Thebusiness is now more efficiently processing the increasing peddler trade.• All leaders have been trained and are deemed competent in OneSteel’ssafety essentials and have been trained in progressive disciplineprocedures• In Sept 2010 Lean Manufacturing processes will be introduced. This willenable us to maximise the operational efficiency of our shredder and othermajor equipment15


Growth options• The US South East remains a region of long term strategic interest to OSTR• We continue to seek significant opportunities to build focused local positions with multiplemarket channels (local and export)• In the meantime, OSTR USA is pursuing small bolt on acquisitionopportunities as a time-effective way of expanding market presence andincreasing access to at-source intake volumes (peddler trade, industrialcustomers and local residents)• Current interest is feeder yards to support the Tampa Shredder operation; processingopportunities on the northwest and east sides of Tampa• Complementary yards for the IMR business to expand volumes, inhibit competition, andincrease market share16


DisclaimerThese presentations contain certain forward-looking statements with respect to the financial condition,results of operations and business of OneSteel and certain plans and objectives of the management ofOneSteel. Forward-looking statements can generally be identified by the use of words such as ‘project’,‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similarexpressions. All such forward looking statements involve known and unknown risks, significantuncertainties, assumptions, contingencies and other factors, many of which are outside the control ofOneSteel, which may cause the actual results or performance of OneSteel to be materially differentfrom any future results or performance expressed or implied by such forward looking statements. Suchforward-looking statements speak only as of the date of this presentation. Factors that could causeactual results or performance to differ materially include without limitation the following: risks anduncertainties associated with the Australian and global economic environment and capital marketconditions, the cyclical nature of the steel industry, the level of activity in the Australian construction,manufacturing, mining, agricultural and automotive industries and, to a lesser extent, the sameindustries in Asia and New Zealand, commodity price fluctuations, fluctuations in foreign currencyexchange and interest rates, competition, OneSteel's relationships with, and the financial condition of,its suppliers and customers, legislative changes, regulatory changes or other changes in the laws whichaffect OneSteel's business, including environmental laws and the Carbon Pollution Reduction Scheme,and operational risk. The foregoing list of important factors is not exhaustive. There can be noassurance that actual outcomes will not differ materially from these statements.17


LiteSteelTechnologiesAmericaScott Morling, Vice President andGeneral ManagerLiteSteel Technologies America11 June 2010


Agenda1. LiteSteel TM Introduction2. Management Team and Values3. Product overview4. The Market5. The Facility6. LSB ® in the Field7. LSB Yesterday, Today and Tomorrow8. Appendix


LiteSteel TechnologiesLiteSteel Technologies America manufactures and sells therevolutionary LiteSteel beam (“LSB ® ”). The company is based inthe Roanoke, Virginia area where a new $30m+ millionmanufacturing facility is up and running.


Leadership Team• Senior Vice President, General Manager*• Strong experience launching value added products within commodity markets• Vice President Sales*• 25 years of residential building products distribution experience• All sales people from residential distribution backgrounds• Vice President Engineering*• 25 years of structural cold form engineering experience• Vice President Marketing*• 30 years of steel and aluminum market development experience• Vice President Finance• Australian expat• Operations Manager• 10 years of building products operations and engineering experience* Experience launching new products and/or businesses


Business Values• Safety• We are committed to the safety and well being of our employees,customers, suppliers and community• We will not compromise on safety• People• Our relationships with our employees will be mutually beneficial based on:— Respect and Trust— Equality— Candor— Individual Development— Collaboration• We will recruit, develop and retain employees who embrace anddemonstrate:— Passion— Proactive Decision Making— Versatility— Creativity— Teamwork


Values Continued• Customer• We will deliver superior value to our customers and partners in the form ofquality products and innovative solutions.• We will make the experience of working with us easy and rewarding.• Integrity• We will deal with our employees, customers, suppliers and community fairly,ethically and with respect.• Integrity is the cornerstone of everything we do.• Continuous Improvement• We will be results oriented, measuring our performance and quality inmeaningful ways that facilitate continuous improvement across all aspects ofthe business.


LSB ® Product Overview• LSB ® is a patented cold-formed steel beam for use inresidential & light commercial construction• Developed in Australia, LSB ® has already been usedsuccessfully in countless residential and light commercialstructures over the last 4 + years• The user-friendly channel shape with hollow fully-weldedflanges offers robust spanning capacity in a lightweight beam• LSB ® has a G-60 rated galvanized coating for superiorcorrosion protection


Typical LSB ® ApplicationsBasement BeamsGarage BeamsRidge BeamsFasciaLong Span HeadersStructural BeamsMezzanine Flooring


MARKETS FOR LITESTEEL BEAM


Why US Expansion?• Australian market experience• US markets 15-20 times larger than those in Australia• Extensive research conducted to identify pain points in themarket and how LSB can alleviate that pain• Costs associated with installation of structurals• Different suppliers required for steel beams• Difficulties handling and connecting to steel beams• Engineered wood beams reduce head room (too deep)


LiteSteel Beam Initial US MarketsFocus• Primary - basement beams• Fragmented competition from steel• Poor engineered wood solution• Primarily northeast quadrant of the US• Secondary• Other floor beams• Long span headers— Garage doors— Window spans• Additional North American residential expansion• Some light commercial applicationsResidentialapplicationsdifferent thanthose in Australia


How did we learn these markets?• National Association of Home Builders (NAHB) ResearchCenter• Extensive web surveys of builders• Numerous focus groups• Several experts on builder preferences and trends• Several annual publications on builder preferences, trends, etc.• LST US complementary research• Interviews• Networking• Focus on supply chain• Drove us to the value proposition we use today.


Value proposition work• Based on a market-centric framework developed by Dr. LynnPhillips*• Frames our offering to our customers in terms of value deliveredrather than product delivered• Identifies needs in the market and structures a value proposition(VP) and related value delivery system (VDS) to profitably deliverthe value to our customers• Channels• Products• Price• Support• Marketing Communications• VPs developed for each component of value chain• Dr Phillips actively involved in testing our VP and VDS work*Dr. Lynn Phillips pioneered one of the first graduate courses ever taughton Marketing-Centric Management and co-authored one of the firstpublished papers on importance of a winning value proposition in responseto changing market circumstances.


Value propositions at LiteSteel• Allow us to choose which markets and customers we willpursue and how we will serve them• Clearly define the experiences we want our customers tohave and how we build and deliver those experiences• Align market and customer needs with organizationalcapabilities• Determine which market needs we will address• Make decisions on what capabilities we need to serve those marketneeds• Align the organization in a way that delivers value to our selectedmarkets• Enable us to decide which market needs we cannot meetprofitably so we save resources for critical efforts


Value Chain/Distribution ChannelsLiteSteelTechnologiesAmericaBuildingProductsDistributorPro-DealerLumberyardPartnerResidentialHome BuilderDirect ship for stocking dealers intruckload quantitiesArchitect &EngineeringFirmHomeDesignerProduct FlowInformation Flow


Distribution Map May 2010


LSB Value Proposition to Builder• Reductions in systems cost, time, and complexity by usingLSB ® as beams in residential and light commercialconstruction and remodelling applications• Ease of use of LSB ® use including specification, installationand procurement


Key LSB ® benefits for builders• Lightweight (LSB ~40% lighter than hot rolled steel or engineeredwood of same spanning capacity)• Strong• Does not warp or twist• Resistant to rot, mold and termites• Galvanized for superior corrosion resistance• Can be cut, drilled, screwed, bolted, welded & nailed with standardtools• Saves time and money, eliminates need for cranes• Priced equal to or less than current products• Installed cost less than current products• Can be purchased from their pro-dealer• Green: typically 65% recycled content


LSB Value Proposition to Dealer• Increases in margins and market share by selling LSB ® foruse as beams in residential and light commercialconstruction and remodelling applications• Ease of selling LSB ® including procurement, specification,and marketing


Key LSB ® Benefits for Dealers:• Eliminates “Steel by Others”.• Maintains greater control of the sales process.• Opens a new revenue and margin stream.• Entry into light commercial market.• Software can create sales opportunities for additionalbuilding products or upgrades.• Easier and safer to handle than other long span products.• Outside storage, nested units for space savings.• Green: typically 65% recycled content. (up to 3 LEEDpoints)


Key VDS Components• The VDS spans the entire business from procurement to productdelivery and service including:• Sourcing high quality coil that meets our customer requirements and workswell in our process• Manufacture and deliver a high quality functional product to specification• Engineering support for specifiers— 2 engineers on staff (one PE, one EIT)— Specification Software— LSB Specific— Integrated into distributor whole house software— Span and load tables• Field support for builders— Building code approvals – eliminates most needs for engineer stamp— UL fire ratings— Installation guide— Quick field instructions— Personal on site assistance• Channels that builders prefer— Building products distribution (not steel)— Pro-Dealers and Lumberyards


Code ComplianceResearch Report


Marketing at LiteSteel TechnologiesMarketing Activities Include:• Advertising• Production of Collateral Marketing Materials• Technical Bulletins & Software• Website Maintenance• Quick field instructions• Direct Mail• Trade Shows• Public Relations/Media Relations• Point of Sales Displays• Value Proposition• Pricing Studies


Marketing ToolsAt present, we have the following tools available:• 6 page capabilities brochure• Installation guide• Website (www.LiteSteelbeam.com)• LSB selector software• Product samples• Video (general)• Point of sale displays• Advertising• PR


LSB Selector Software Demonstration


Public Relations & MediaLST has been extraordinarily successful in achieving mediacoverage. Coverage to date includes articles in:• ProSales• LBM Journal• Builder• Building Products• Qualified Remodeler• Remodeling• Journal of Light Construction• JobSite• Automated Builder• Home Channel News• Fine Homebuilding


Trade ShowsIn addition to local trade shows and builders nights withdealers & distributors we will be exhibiting at:• International Builder’s Show (Orlando – January)• 21st Century Builder’s Show (Charlotte – September)• Southern Design Conference (Orlando - September)• Builder Mart Show (Baltimore – March)


USA ManufacturingLocation:• Troutville, Virginia (just outside Roanoke)• Great logistics (road & rail)• Interstate I-81• Norfolk-Southern Railroad.• The site is 27 acres and includes a building of 124,000 square feet that is wellconfigured for the manufacture of LSB.


LiteSteel beam – Forming Process12345Electric ResistanceWelding6


Facility Statistics• Investment - $32m (on budget)• Capacity – 67,000 tons or 14 million feet at three shifts• Primary input – Galvanized Hot Rolled Coil• First mill in the world dedicated to the production of LSB• Australian mill built from an R&D mill• Significant learnings from Australian mill went into development of USmill• Brownfield investment• Former owners— Roanoke Iron Works (RR Bridges)— Connex Pipe and Tube• Mill and entry bays completely rebuilt from the ground up


SUMMARYLiteSteel beam yesterday, todayand tomorrow


LSB Yesterday• Small mill run out of Australia (market small and complex)• US housing market was booming – 2+ million starts/year• Decision to invest in US mill based on historic averages• 1.8 million starts per year• Most starts with basements in NE US quadrant• Identified a need for LSB in the marketplace• Basement beams• Easy, inexpensive install• Traditional channels• Light weight• Developed, approved and implemented business plan to invest in USmanufacturing facility• Set up business to launch LSB into the marketplace• US based management team with immense new product and buildingproducts experience• Good business, safety and manufacturing systems


• Investment in US mill completedLSB Today• US housing market at bottom – 600k starts per year• LSB being accepted in the marketplace• Easier to get attention of builders and channel partners in a down market• Builders and channel partners have more time to understand our message• Excellent lead generation from marketing efforts• Overcoming weak housing market via• Faster geographic expansion to entire US and Canada• Earlier entry into light commercial markets• Carefully controlling and targeting costs to maximize returns duringstartup phase• Preparing business for future growth as market recovers• Establishing a repeatable, efficient, quality manufacturing process• Establishing nationwide distribution footprint• Investing in simple, elegant tools to make the journey to LSB easier• Investing in the right people that can adapt to the evolving environmentassociated with a startup business


LSB Tomorrow• LSB mill running at high throughput• US housing market returns to historic averages• Additional capacity being considered• More production shifts• Productivity investments• Commercial market position and value propositionsestablished• LST business expands international footprint


LiteSteel beam: the first significantstructural building material advancesince engineered wood


APPENDIX


Mill Pictures


Mill Pictures


Mill Pictures


LSB IN USERemember: always clamp beam before cutting


Using LSB ® Back-to-BackLSB is generally used as a single beam or girder. They may also beused in the back-to-back configuration. Reasons for using LSB back-toback include:• Desire for greater carrying capacity or greater span than from asingle LSB• In remodeling and other applications desire to use shallowestbeam• Desire for beams of lightest weight to facilitate movement on-site


DisclaimerThese presentations contain certain forward-looking statements with respect to thefinancial condition, results of operations and business of OneSteel and certain plans andobjectives of the management of OneSteel. Forward-looking statements can generally beidentified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’,‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. All suchforward looking statements involve known and unknown risks, significant uncertainties,assumptions, contingencies and other factors, many of which are outside the control ofOneSteel, which may cause the actual results or performance of OneSteel to bematerially different from any future results or performance expressed or implied by suchforward looking statements. Such forward-looking statements speak only as of the date ofthis presentation. Factors that could cause actual results or performance to differmaterially include without limitation the following: risks and uncertainties associated withthe Australian and global economic environment and capital market conditions, thecyclical nature of the steel industry, the level of activity in the Australian construction,manufacturing, mining, agricultural and automotive industries and, to a lesser extent, thesame industries in Asia and New Zealand, commodity price fluctuations, fluctuations inforeign currency exchange and interest rates, competition, OneSteel's relationships with,and the financial condition of, its suppliers and customers, legislative changes, regulatorychanges or other changes in the laws which affect OneSteel's business, includingenvironmental laws and the Carbon Pollution Reduction Scheme, and operational risk.The foregoing list of important factors is not exhaustive. There can be no assurance thatactual outcomes will not differ materially from these statements.

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