iron ore-key indexes fall, page-16

Check One Steel's results and commentary:

Sydney - Wednesday - Nov 2: (RWE Australian Business News) -
OneSteel Ltd (ASX:OST) today warned that its earnings for the first half
would be adversely affected by the recent severe fall in iron ore prices
and the rapid run-up in the Australian dollar.
OneSteel intends to provide an update on trading conditions at
its annual meeting on November 21.
However, the company has revised down its earnings expectations
for November and December due to the recent collapse in iron ore prices,
which are 30pc below their levels three weeks ago of about $170 a tonne
(62pc Fe), and the impact of the rise in the $A over the same period.
OneSteel now expects net profit in the first half will be in the
range of $55m to $75m (excluding transaction costs and stamp duty in
relation to the acquisition of WPG Resources Ltd's (ASX:WPG) iron ore
assets of $20m).
Net profit for the six months ended December 31 2010 was $116m
on a statutory basis and $125m on an underlying basis.