Steel & Tube writes off remaining goodwill as tough trading persists

Fri, 31 Jan 2020

Steel & Tube Holdings has written off the remaining $37 million of goodwill attached to businesses it had acquired as less high-rise construction and soft demand for stainless steel weighed on sales. The stainless steel products maker said earnings before interest and tax was a loss of $36 million to $37 million in the six months ended Dec. 31, due largely to the impairment charge. Stripping out the impairment charge and restructuring costs, earnings dropped to between $2 million and $3 million from $9.6 million a year earlier, with sales...

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