Steel & Tube’s 'new broom' sweeps up $54m of writedowns
Steel & Tube will have written down $23.5m of stock this year.
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Steel & Tube shares dropped as much as 28% after the perennial underperformer dropped the clanger that it is writing down up to $54 million and will make an operating annual loss of about $38m.
Even excluding the writedowns and other non-trading costs, normalised earnings before interest and tax
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Jenny Ruth
Wed, 23 May 2018
Wed, 23 May 2018
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Steel & Tube’s 'new broom' sweeps up $54m of writedowns
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