According to report, New Zealand Steel & Tube reports its net profit down by 22% to NZ$13.1 million (US$10.6million) for fiscal year 2012 on weak domestic demand from construction sector and lower margins.
However, the company said earlier that it observed signs of recovery in January to June period due to the rebuilding activities in Christchurch, but the work is still slower than expected.
Steel & Tube was owned by Australia's Arrium for 50.3% and it expected the steel consumption will be about 665,000 tons in 2012, down from the peak of 970,000 tons in 2005.