Steel & Tube expects 2019 profit following downgrade
May 23 (BusinessDesk) - Steel & Tube Holdings says investors can expect a return to profitability in 2019, following a significant downgrade which has seen the stock shed up to a quarter of its value.
Earlier today, the Lower Hutt-based business said it expects to post a loss before interest and tax (ebit) of about $38 million this financial year, from positive ebit of $31.1 million a year earlier, and breach its banking covenants after a restructuring that will see it exit its plastics business and write down the value of its assets.
