19
Oct
15:12
Insteel sees sales, profits fall on year
Steel reinforcing wire producer Insteel saw both its profit and sales drop year-on-year in 2017, though the company expects better business conditions ahead, Kallanish reports.
For the fiscal year ended 30 September, Insteel’s profits fell -39.5% to $22.5 million while its sales fell -7.1% to $388.9m.
The company attributes the decreased profits to pension plan settlement charges, while the lower sales are due to static pricing and depressed shipments.
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Anonymous
Very good overview of the weekly steel market.
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