Brief: Steel & Tube Holdings Says Impact Of Covid-19 To Have Considerable Impact On Sales In 2H20

Steel & Tube Holdings

27/04/2020 21:55

April 28 (Reuters) - Steel & Tube Holdings Ltd  STU.NZ :
    * IMPACT OF COVID-19 EXPECTED TO HAVE A CONSIDERABLE IMPACT
ON
SALES IN 2H20
    * EXPECTED SIGNIFICANT REDUNDANCIES ALONG WITH OTHER
IMPAIRMENT
COSTS WILL IMPACT 2H20
    * BOARD, CEO AND EXECUTIVE TEAM HAVE TAKEN VOLUNTARY
REDUCTIONS IN
REMUNERATION OF BETWEEN 20% AND 30%
    * ALL NON-ESSENTIAL CAPITAL AND OPERATING SPEND HAS BEEN
CANCELLED
OR DEFERRED
    * ACCELERATED A RESTRUCTURE OF COMPANY TO ENSURE A COST BASE
THAT
IS FIT FOR PURPOSE
    * CHANGES WILL IMPACT ON JOBS AND RESULT IN 150 - 200
REDUNDANCIES
    * LEASE COSTS HAVE BEEN SIGNIFICANTLY REDUCED DURING
SHUT-DOWN
PERIOD

Source text for Eikon:  urn:newsml:reuters.com:*:nNZW6pCrzq
Further company coverage:  STU.NZ 

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