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 on Monday officially began trading on the Australian Securities Exchange as Arrium, a name it chose in April 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.
Chief executive Geoff Plummer said the division was on track to deliver an underlying positive earnings before interest, tax, depreciation and amortisation for the second half of the 2012 financial year.
The forecast excludes the impact of the $64 million Steel Transformation Plan advance.
Mr Plummer said the expansion of Arrium's mining business was also tracking in line with management's time
and cost expectations.