Precoat hit by low steel prices

Steel processing group Precoat International said unless steel prices recover later this year, it will not be able to match last year’s results. The warning came as Precoat disappointed the market with a fall in profits to £3.63m from £3.73m. It blamed hard conditions in the UK market as well as a sharp fall in […]

Steel processing group Precoat International said unless steel prices recover later this year, it will not be able to match last year’s results.

The warning came as Precoat disappointed the market with a fall in profits to £3.63m from £3.73m. It blamed hard conditions in the UK market as well as a sharp fall in steel prices.

`Steel prices have started to recover, but the budget is based on no change because the timing and extent of any improvement is difficult to estimate,’ chairman Ian Williams said.