Steel & Tube shares plunge 24% after company flags annual loss following restructuring

Tue, 22 May 2018

By Tina Morrison May 23 (BusinessDesk) - Steel & Tube Holdings expects to post a loss this financial year and breach its banking covenants after a restructuring that will see it exit its plastics business and write down the value of its assets. The Lower Hutt-based business said it expects to post a loss before earnings and tax of about $38 million in the year ending June 30, from positive ebit of $31.1 million a year earlier. It had previously forecast ebit would be consistent with the prior year, excluding non-trading costs. It said nor...

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