Steel & Tube has ‘controlled the controllables’ amid low demand, CEO says

Steel & Tube expects demand to improve in 2025. (Image: Steel & Tube)

Fri, 14 Jun 2024

Steel & Tube Holdings shares rose 3% after it said it is performing well relative to a challenging market, which has seen demand for steel at even lower levels than during the global financial crisis.“Whilst the trading environment is challenging, we have controlled the controllables and we are positioned for demand growth once the New Zealand economy improves,” chief executive Mark Malpass said.“Steel & Tube continues to deliver margin growth, cost reductions which have offset inflation, and resilient operating profit...

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