Steel & Tube remains confident after 85% profit drop

Steel & Tube chief executive Mark Malpass says the company is well positioned. (Image: Steel & Tube)

Mon, 26 Aug 2024

Steel & Tube says it is thinking long-term and is at the bottom of the cycle for most of its products, as it reported an 85% decline in full-year profit.Net profit after tax at the metals firm fell from $17 million to $2.6m for the 12 months to June 30.Revenue declined by $589.1m to $479.1m, with earnings before interest tax depreciation and amortisation (ebitda) down 40% from $51.9m to $31.4m.Normalised ebitda fell from $52.9m to $35.8m, which fell within the company’s June guidance of between $35m and $36m. ...

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