Steel & Tube posts 20% gain in full-year profit, says acquisitions will underpin growth

Thu, 13 Aug 2015

By Jonathan Underhill Aug. 14 (BusinessDesk) - Steel & Tube Holdings, New Zealand's biggest steel distribution company, posted a 20 percent gain in full-year profit and said recent acquisitions will be a buffer to slowing economic growth and weakness in global finished steel prices. Net profit rose to $21.4 million, or 24.5 cents, in the 12 months ended June 30, from $17.9 million, or 20.4 cents, a year earlier. Sales rose to $502 million from $441 million. Steel & Tube agreed to acquire fastener maker Manufacturing Suppliers for $32...

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