Steel & Tube has reported a challenging start to the financial year, with the company expecting improvement in the latter half.
The company's trading update for the four months to the end of October 2025 revealed a 2.4% increase in revenue, reaching $145.2 million.
However, normalised ebit was negative $7.2m, $2.2m lower than the same period last year.
Steel & Tube attributed the impact on sales volumes to difficult trading conditions, which it said have also affected other industry and sector participants.
In response, the company said it has focused on customers and implemented a disciplined approach to cash, inventory, and costs.
This has resulted in $7m of annualised cost savings in the 2025 financial year, with further savings underway in 2026.
Steel & Tube said it remains confident in its ability to capitalise on increasing demand as the New Zealand economy improves.
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