Full Year 2023 Steel & Tube Holdings Ltd Earnings Call Transcript

Aug 21, 2023

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Aug 20, 2023 / 10:00PM GMT
Operator

Thank you for standing by, and welcome to the Steel & Tube FY '23 Results Call. (Operator Instructions)

I would now like to hand the conference over to Mr. Mark Malpass, CEO. Please go ahead.

Mark Roy Malpass - Steel & Tube Holdings Limited - CEO

Thank you, and welcome to everyone on the call. Here with me today is Richard Smyth, Steel & Tube CFO. We'll start with a quick summary of our financial year 2023 till June 30, and we'll then move into more detail on our results and strategic progress. We'll then finish with questions and answers.

We saw solid demand for steel continue in the first half. However, as activity eased due to macroeconomic headwinds, volumes reduced about 12% year-on-year. The inflationary cost increases and tight labor market that developed over the last couple of years continued with some easing in the second half of the financial year as more foreign workers gained entry.

Elevated steel pricing softened in the second half of the financial year, although pricing remains above pre-COVID levels.

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