Steel & Tube cuts earnings outlook on margin squeeze, inventory restatement

Sun, 19 May 2019

By Paul McBeth May 20 (BusinessDesk) - Steel & Tube Holdings has cut its earnings outlook as margins remain under pressure, and after restating its year-earlier accounts gave it a lower starting point. The steel products maker expects earnings before interest and tax of $15.5-17.5 million in the year ending June 30, down from previous guidance of $25 million. Steel & Tube restated its 2018 earnings to $13.6 million after finding a $4 million inventory write-off related to the production process which should have been included in the cos...

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