Steel & Tube reports profit of $16m for year

Steel & Tube, which manufactures and distributes steel products, has returned to profit and says it expects activity to remain strong. The company reported a $16.1 million profit for the year to the end of June, from a $60m loss the previous year which included a $47.6m writedown of property, plant, equipment and intangibles. It repaid all its debt and ended the year with $25m net cash. Steel & Tube says positive economic activity is driving increased demand for steel across a number of sectors. ‘‘Economic activity increased steadily across the year, with a strong recovery in residential construction and infrastructure activity, an uplift in commercial tenders and more recent growth in manufacturing,’’ said chief executive Mark Malpass.