Steel & Tube has been under pressure for the past two years, posting losses, and writing down asset values. Photo: ODT filesBuilding products company Steel & Tube is making as many as 200 of its staff redundant, saying the weaker economic outlook due to Covid-19 has brought forward a planned restructuring. Steel & Tube has been under pressure for the past two years, posting losses and writing down asset values, as it was hit by the weakening construction industry. "The world is now in a much different place than it was just four weeks ago and we are making structural changes to our business model to ensure Steel & Tube emerges from Covid-19 as a stronger and more resilient company," Malpass said. "Steel & Tube is well positioned for the anticipated government infrastructure projects," he said.

Source: Otago Daily Times April 28, 2020 00:11 UTC