NZ's Steel & Tube rises on positive earnings update

Steel & Tube Holdings

16/05/2022 03:29

** Shares of steel products maker Steel & Tube Holdings
 STU.NZ  rise as much as 6.5% to NZ$1.48, marking their biggest
intraday pct gain since Feb. 10
    ** In the 10 months ended April, co's revenue rose 25% to
NZ$479.3 mln ($299.66 mln) and normalised EBITDA soared 89% to
NZ$54.0 mln  urn:newsml:reuters.com:*:nNZS3ytja
    ** Expects normalised EBITDA of not less than NZ$64 mln for
FY22
    ** Says sales to customers have been strong and expects its
strong business performance to be sustained
    ** Shares hit their highest since May 9
    ** Trading volumes are twice the 30-day average of 66,538
shares
    ** As of last close, stock down 10.3% this year

($1 = 1.5995 New Zealand dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))