Steel & Tube returns to the black but says margins are squeezed

Thu, 22 Aug 2019

By Jenny Ruth Aug. 23 (BusinessDesk) - Steel & Tube turned back into the black in financial year 2019 but says positive gains were offset by lower-than-expected gross margins due to the market contracting for some high-value categories and due to the highly competitive market. Net profit in the year ended June was $10.4 million, a turnaround from the previous year’s $32.1 million net loss with revenue flat at $498.1 million. The company says excluding write-offs in the previous year, earnings before interest and tax were up 22 percent...

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