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Steel and Tube faces tighter building market

By Phil Boeyen, ShareChat Business News Editor

Thursday 16th November 2000

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New Zealand steel maker, Steel and Tube, is making headway in the new financial year although it says trading conditions are fragile.

Steel and Tube says its result since balance date is slightly ahead of last year, but warns that while the manufacturing and agricultural sectors remain strong, opportunities in the building sector are declining.

Shareholders at the company's AGM were told the year ahead would be a challenging one for both the New Zealand and Canadian operations, but were also assured that the company is in good shape with a strong balance sheet and a management which is focused on core growth strategies.

In the company's last financial result, for the thirteen months to the end of June, it increased net profit to $14 million from $3 million the previous year, with annualised earnings per share jumping from 3.8c to 15c.

The majority owner of Steel and Tube is now Australian-listed steel maker OneSteel, which has been spun off from BHP. OneSteel owns just over 50% of STU.

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