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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…
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