OneSteel shareholders approves name change
OneSteel shareholders approves name change

OneSteel shareholders have voted in favour of changing the company's name to Arrium.

The company announced in April that it intended to change its name to Arrium to better reflect its new focus on mining and mining consumables.

The new moniker was put to shareholders at an extraordinary general meeting in Sydney who voted in favour of the proposal by an overwhelming 97 per cent.

OneSteel chairman Peter Smedley said company felt that its current name confined it in terms of what customers and consumers believed it produced.

"The perception was that we were solely a steel company because of our name and missed the fact that we're also a mining company," he said.

In 2007, 92 per cent of the company's business was steel and eight per cent was mining and mining consumables.

Just five years later mining and mining consumables account for 44 per cent of OneSteel's business.

Mr Smedley said Arrium had no particular meaning but the company felt that it reflected a resources and materials company.

He said they ensured that it did not mean anything inappropriate in another language and most metals in the periodic table ended in the letters "ium".

At 10am, shares in OneSteel were down 0.25 cents to $1.22.

The West Australian

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