Steel & Tube won't pay final dividend, may need equity raising, Craigs says

Tue, 29 May 2018

By Tina Morrison May 29 (BusinessDesk) - Steel & Tube Holdings is unlikely to pay a final dividend this financial year and may have to raise equity as its earnings and debt come under pressure, according to research house Craigs Investment Partners. The Lower Hutt-based manufacturer and distributor of steel building supplies warned last week that it expects to post a 2018 loss before interest and tax of about $38 million and breach its banking covenants after a restructuring that will see it write down the value of its assets by $54 milli...

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