Steel & Tube’s Rocky Financial Year | Christchurch News

Steel & Tube’s financial woes deepen with a $61.2 million loss this year—up from $24.4 million last year—despite a revenue climb to $438.9 million. A $51.9 million non-cash impairment hit and market disruptions, fueled by geopolitical tension and election uncertainty, crushed profits. The company’s auditor raises red flags over its survival. To fix things, they’re spinning off underperforming Reinforcing & Wire and Plate Processing units, with a pending sale of the former. Meanwhile, their newly acquired Perry Metal Protection division is a bright spot, exceeding expectations through cross-selling and synergies. With $48 million in net debt and bank funding secured through 2027, Steel & Tube is doubling down on disciplined execution to restore profitability and deliver long-term shareholder value. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/8b83a527ca6f415b