{
  "id": 3370516,
  "title": "Steel & Tube posts $61m loss as auditor flags going-concern uncertainty",
  "url": "https://urgent.news/2026/08/25/steel-tube-posts-61m-loss-as-auditor-flags-going-concern-uncertainty",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-25T23:01:00.000Z",
  "source": {
    "name": "RNZ Business",
    "slug": "rnz-business",
    "url": "https://www.rnz.co.nz/news/business/1126831/steel-and-tube-posts-61m-loss-as-auditor-flags-going-concern-uncertainty"
  },
  "original_language": "en",
  "account": "Steel & Tube reported a $61 million loss for the year ending June 30, 2023, as an auditor warned of potential going-concern uncertainty. Despite improved demand throughout much of the year, geopolitical uncertainty and customer caution in the final quarter disrupted the recovery. Normalised earnings grew due to higher volumes and cost savings, but the company remained loss-making on an operating level. CEO Mark Malpass attributed the result to a prolonged market downturn and subdued demand. The company plans to sell loss-making Reinforcing & Wire and Plate Processing operations, receiving an offer from Euro Corporation which, if approved by the Commerce Commission, could yield $11m to $12m. Additionally, Steel & Tube intends to close seven smaller sites and explore exits for two larger sites, expecting annualized cash savings of $2m in the 2028 financial year. Perry Metal Protection, acquired last year, has outperformed expectations. The company's net debt stands at $48 million, with bank funding from ANZ extended to September 2027. The auditor's warning of material uncertainty regarding going concern, future covenant compliance, and liquidity highlights the company's reliance on sales volumes, margins, cost savings, and its banking relationship. Chair Susan Paterson expressed disappointment over the loss but emphasized the company's focus on sustainable profitability and long-term value creation for shareholders.",
  "summary": "The company is selling loss-making operations and closing sites, while its auditor has warned of material uncertainty over its ability to continue as a going concern.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}