Steel & Tube shares jump 5% on break-even forecast

Mon, 10 Aug 2020

Shares in Steel & Tube Holdings leapt more than 5 percent when the company told the market it expected to report cash positive operating earnings. The firm said it will break even for the June-year on an earnings before interest and tax basis, excluding non-trading adjustments such as a hefty non-cash goodwill impairment booked earlier in the year. Steel & Tube’s share price rose 5.4 percent to 59 cents, trimming its year-to-date drop to 25.3 percent. The company, which was already facing weak construction activity and stainless-steel...

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