Steel manufacturer and distributor Steel and Tube has reported a bottom-line loss, reflecting a drop in demand and aggressive price competition.
Key numbers for the 12 months June compared with a year ago:
Steel and Tube said the fall in revenue was driven by a 12 percent fall in volumes and aggressive price competition from competitors fighting for market share.
Chief executive Mark Malpass blamed the results on a challenging bottom of the economic cycle, and the company has focused on strategy and integrating its Perry Metal Protection acquisition.
"We have continued to execute on our strategy - strengthening our core and investing in high value products and services."
The company said it had found $7 million in cost savings for the year.
Board chair Susan Paterson noted difficult decisions such as layoffs had been made to ensure the health of the business, but the board and leadership were trying to lead by example.
"To set the tone from the top, the board and CEO have taken a temporary 20 percent reduction in fees and salary, and the leadership team has agreed to a temporary pay freeze."
The board did not declare a dividend as it looked to save cash.
