Steel & Tube first-half profit drops 64% on inventory writedown, restructuring costs

Thu, 22 Feb 2018

By Paul McBeth Feb. 23 (BusinessDesk) - Steel & Tube posted a 64 percent decline in first-half profit as the steel products maker wrote down the value of inventory and bore the cost of restructuring the business, which it anticipates will lead to improved earnings over the next two years. Net profit fell to $3.8 million, or 4.2 cents per share, in the six months ended Dec. 31 from $10.6 million, or 11.8 cents a year earlier, the Lower Hutt-based company said in a statement. That included a $5.5 million writedown on old inventory and $2.6...

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