With the forwarded drawdown from $300 million worth of funds to prop up its operations, Australia's OneSteel Ltd scrambles to turn around its operations within 12 months, according to reports.

OneSteel Ltd CEO Geoff Plummer admitted in reports of the Australian Finance Review and Business Spectator that he is giving himself a year to take the company back to black as frustrations among many shareholders and company workers arise.

Plummer said in the company's annual stock holders meeting on Monday that the pressure to bounce back is fuelling executives and workers alike. Although some frustrating developments still abounds that also holds their efforts back.

He cited that an instance is the company's South Australia blast furnace, which they could not easily make money from because it is currently under review.

"The market is understandably frustrated," he said prior to the company's annual general meeting in Sydney early Monday.

OneSteel and other steel producers in the country are suffering from high expenditures because of the rising value of the dollar, expensive steel-grade coal; and the slowdown of the construction industry. Operations are also threatened by the added carbon tax, which the government said will be beneficial in the long term.

The Australian Parliament allowed OneSteel and other steel makers an early draw down from the $300 million assistance package for the industry affected by the carbon tax.