UPDATE 1-Steel Tech sees qtr profit below views

Newswire

(Adds share price, details) NEW YORK, Sept 28 (Reuters) - Steel Technologies Inc. on Wednesday said quarterly earnings would miss Wall Street estimates because of lower-than-expected shipments and compressed profit margins due to excess inventory. Shares of the Louisville, Kentucky, company fell more than 3 percent, or 84 cents, to $25.16 in Wednesday Nasdaq trade. For the fiscal fourth quarter ending Sept. 30, Steel Technologies said it expects earnings of 6 cents per share. For the ...

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