2001 Annual Report - OneSteel

Directors’ ReportDIRECTORSThe following directors of OneSteel Limited (“the company”) were appointed since 30 June 2000 and held office at the date of this report:P J Smedley 23 October 2000R L Every 13 July 2000E J Doyle 23 October 2000C R Galbraith 23 October 2000D E Meiklejohn 23 October 2000D A Pritchard 23 October 2000N J Roach 23 October 2000Mr B L Carrasco resigned as a director on 18 June 2001 in anticipation of his retirement as Chief Financial Officer.The following directors also resigned since 30 June 2000 having held office by virtue of their employment prior to spin-out from BHPLimited:G M Day 13 July 2000C R Keast 13 July 2000M E Hedges 23 October 2000.Details of the qualifications, experience and responsibilities of directors are set out on page 26 of the Annual Review.PRINCIPAL ACTIVITIESThe principal activities of the company and its controlled entities (together “the OneSteel Group”) are set out on pages 1 to 29 of theAnnual Review. The company was listed on the Australian Stock Exchange on 23 October 2000 following the spin-out of the OneSteelGroup from BHP Limited. There were no significant changes in the nature of the principal activities of the OneSteel Group during the yearunder review.REVIEW OF OPERATIONSA review of the operations of the OneSteel Group during the financial year and the results of those operations is contained in pages 1 to29 of the Annual Review.DIVIDENDSDividends paid or declared by the company since the end of the previous financial year were:$ mInterim dividend3 cents per share paid on 26 April 2001100% franked at a 34% tax rate on fully paid shares 13.7Final dividend3 cents per share payable on 18 October 2001100% franked at a 30% tax rate on fully paid shares 13.8STATE OF AFFAIRSThere were no significant changes in the state of affairs of the OneSteel Group that occurred during the financial year ended 30 June2001 other than those arising from the following:• the spin-out from BHP Limited that became effective on 23 October 2000 following approval by BHP shareholders of the scheme ofarrangement set out in the BHP Scheme Booklet dated 31 August 2000; and• the takeover of Email Limited in a joint bid with Smorgon Distribution Limited which resulted in the acquisition by the OneSteel Group ofcertain assets of Email on 30 April 2001 and the provision of a loan to Smorgon that will be repaid as unwanted assets of Email aredivested.Commentary on the overall state of affairs of the OneSteel Group is set out on pages 1 to 29 of the Annual Review.30