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Steel & Tube Posts Half Year Loss

Steel News - Published on Wed, 26 Feb 2020

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New Zealand based Steel & Tube has recorded a large half-year loss, in line with forecasts, mostly because of a NZD 37 million write-down in asset value. For the six months ended December the steel manufacturing company made a NZD 36.9 millio loss. Chief executive Mark Malpass said the company expected an improved second half. He said "While the decline in industry activity is beyond Steel & Tube's control, we have focussed on improving underlying operating costs, margins and working capital. Cash flow has remained robust and we reduced net debt."

Revenue fell 10 percent to NZD 231.9 million as market market conditions got tougher, including high rise construction work and a contraction in the stainless steel market.

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Posted By : Nishith Sharma on Wed, 26 Feb 2020
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