Steel & Tube blames weak economy for four-month loss

Steel & Tube suffered a sharp fall in revenue over the first four months of its financial year. (Image: Supplied)

Fri, 15 Nov 2024

Steel & Tube says it went into an operating loss of $5 million in the first four months of its financial year, with revenue falling sharply over the period due to low demand for steel.In a trading update, Steel & Tube said the first four months showed the weakness in the New Zealand economic environment seen in the latter half of 2024 had continued to deteriorate and had impacted sales volumes.“As highlighted by other industry participants, demand for steel has hit recent lows, and margin pressure has intensified,” the compa...

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