11 Nov 2010

High dollar hurts steel maker

9:55 pm on 11 November 2010

Steel Tube Holdings says the high dollar is a double-edged sword for the steel manufacturer.

At its annual meeting in Wellington on Wednesday, the company told about 100 shareholders it had experienced a continuation of the gradual improvement in volumes and prices since June.

But demand softened in October, which chief executive Dave Taylor suspects is due to the rise in GST.

Mr Taylor says he expects the sectors the company relies on - residential housing and commercial property - to remain sluggish for the rest of the financial year.