Steel & Tube forecasts drop in first-half earnings on inventory writedown

Wed, 15 Nov 2017

By Jonathan Underhill Nov. 16 (BusinessDesk) - Steel & Tube Holdings' first-half earnings may fall as much as 38 percent reflecting a writedown of inventory, restructuring costs and margin pressures. The guidance comes as the company holds its annual meeting in Wellington. First-half earnings before interest and tax would be $9-to-$10 million below the year-earlier period it said in a statement. Underlying ebit was about $16 million in the first half of the 2017 year. Steel & Tube, which manufactures and distributes steel building supp...

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