Steel & Tube 2017 earnings will be up to 15% lower, company warns

Steel & Tube 2017 earnings will be up to 15% lower, company warns
Sophie Boot
By Sophie Boot July 7 (BusinessDesk) - Steel & Tube has issued a profit warning after a challenging second half and increased competition in the market. The company had previously said full-year earnings before interest and tax (ebit) in 2017 would be consistent with 2016, when underlying ebit was $30.5 million, excluding $6.2 million in gains from property sales. That guidance was issued after a 33 percent drop in first-half profit driven by a decline in non-residential construction, with the company then expecting a stronger second half...