Steel & Tube's annual profits have fallen by more than three quarters.
The listed company, which is half owned by OneSteel of Australia, made $5.7 million in the year to the end of June - down 78% on the previous year.
Revenue fell 22% to $380 million, largely due to lower steel prices.
Once tax charges are stripped out, underlying profit was down 62% to $9.9 million.
Chief executive Dave Taylor says it's been one of the most difficult trading years in the company's history, and a slight recovery in the economy has not flowed through to the firm's main industries.
Shares in Steel & Tube had fallen 8 cents to $2.14 by 1.20pm on Thursday.