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Steel & Tube’s Rough Year Revealed | Auckland News
Steel & Tube just posted a brutal $61 million loss—worse than last year’s $24 million—and its auditor raised red flags about survival. Revenue climbed to $438 million, but late-year slowdowns from geopolitical chaos and election uncertainty crushed momentum. A $51 million non-cash write-down from underperforming assets hit hardest. The company is shedding unprofitable divisions like Reinforcing & Wire and Plate Processing, with a potential sale in the works. Meanwhile, their newly acquired galvanizing biz, Perry Metal Protection, is exceeding expectations. With $48 million in debt and bank…
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