Steel & Tube shares slump on profit warning

Mon, 18 Nov 2019

Steel & Tube Holdings says its first-half results will be hit by at least a $2 million charge for debt write-offs and provisioning with the board planning to review carrying values in February ahead of the results announcement."The trading conditions in the first few months of the financial year have had an impact on both sales and credit quality with an increase in debt write-offs and provisioning expected to impact earnings," the company says in a statement.The steel products distribution company had already warned the results for the six...

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