Steel & Tube forecasts drop in first-half profit as Chinese steel weighs on prices

Thu, 12 Nov 2015

By Jonathan Underhill Nov. 12 (BusinessDesk) - Steel & Tube Holdings, New Zealand's biggest steel distribution company, forecast a drop in first-half profit, citing the impact of lower-priced Chinese steel in eroding margins. Profit would undershoot last year's $10.8 million first-half result, although the Wellington-based company wasn't specific on the size of the decline. Its shares fell 5.3 percent to $2.50 on the NZX today and have dropped 12 percent this year. Chief executive Dave Taylor told shareholders at their annual meeting...

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