2001 Annual Report - OneSteel

Directors’ DeclarationThe directors of OneSteel Limited declare that the accompanying Concise Financial Report is presented fairly in accordance withapplicable Australian Accounting Standards and is consistent with the consolidated entity’s 30 June 2001 financial report.In respect to the 30 June 2001 Concise Financial Report of OneSteel Limited, the directors declared that:(a) the financial statements and associated notes comply with the Accounting Standards and Urgent Issues Group Consensus Views;(b) the financial statements and notes give a true and fair view of the financial position as at 30 June 2001 and performance of thecompany and consolidated entity for the year then ended; and(c) in the directors’ opinion;(i) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable,and the companies and parent entity who are party to the deed described in note 31 of the full financial statements, will together beable to meet any obligations or liabilities to which they are, or may become subject to, by virtue of the deed of cross guaranteedated 22 May 2001; and(ii) the financial statements and notes are in accordance with the Corporations Act (2001), including sections 296 and 297.This statement has been made in accordance with a resolution of the directors.Peter SmedleyChairmanSydney21 August 2001Robert EveryManaging DirectorIndependent Audit ReportTo the Members of OneSteel LimitedScopeWe have audited the Concise Financial Report of OneSteel Limited for the financial year ended 30 June 2001 as set out on pages 38 to46, in order to express an opinion on it to the members of the company. The company’s Directors are responsible for the ConciseFinancial Report.Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the ConciseFinancial Report is free of material misstatement. We have also performed an independent audit of the full financial report of OneSteelLimited for the year ended 30 June 2001. Our audit on the full financial report was signed on 21 August 2001 and was not subject toany qualification.Our procedures in respect of the audit of the Concise Financial Report included testing that the information in the Concise Financial Reportis consistent with the full financial report and examination, on a test basis, of evidence supporting the amounts, discussion and analysis,and other disclosures which were not directly derived from the full financial report. These procedures have been undertaken to form anopinion whether, in all material respects, the Concise Financial Report is presented fairly in accordance with Accounting StandardAASB1039 “Concise Financial Reports”.The audit opinion expressed in this report has been formed on the above basis.Audit OpinionIn our opinion, the Concise Financial Report of OneSteel Limited complies with Accounting Standard AASB1039 “Concise FinancialReports”.ARTHUR ANDERSENChartered AccountantsSydney21 August 200146CRAIG M. JACKSONPartner