OneSteel decides not to proceed with an offer for Steel & Tube.
The Company wishes to advise that it received notification late on Friday from Onesteel Limited that it had decided not to proceed with its intent to make an offer for the shares in Steel & Tube Holdings Limited that it does not already own.
Given Onesteel’s decision, the current global financial crisis and, even though it is not Company policy, the Directors have decided to advise that the unaudited profit in the first quarter shows an increase of approximately $8.1 million tax paid when compared with the same period last year.
Although the momentum of earnings is likely to continue for the next month or so, albeit at a lower pace, there is considerable uncertainty for the second half of the year.
D A Pritchard
Chairman of Board of Directors