UPDATE: Steel & Tube shares drop 8.9% on earnings downgrade

Sun, 19 May 2019

(Updates and recasts on share price, adds broker comment) By Paul McBeth May 20 (BusinessDesk) - Steel & Tube Holdings shares dropped 8.9 percent after the steel products maker cut its earnings outlook. The shares fell 11 cents to $1.12 in early trading after the company said it expects normalised 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 non-GAAP earnings, excluding the divested plastics unit, to $13 million after fin...

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