Steel & Tube cuts full-year guidance on margin squeeze, mesh costs

Tue, 17 May 2016

By Jonathan Underhill May 18 (BusinessDesk) - Steel & Tube Holdings, the NZX-listed steel products distributor under fire for sales of seismic steel mesh that wasn't independently tested, cut its full-year guidance and said underlying earnings may fall 10 percent to 15 percent as margins contracted and it incurred costs related to quality issues for the mesh. The updated guidance is a downgrade from the forecast it gave in February for underlying net profit to be unchanged from last year's $21.4 million but doesn't include a $6 million g...

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