Union Steel’s 2Q earnings more than quadruple on recent acquisitions

SINGAPORE (Jan 25): Union Steel has declared earnings of $0.48 million for 2Q17, which is more than four times of the $0.11 million posted a year ago.

The Mainboard-listed metal recycling company attributes this improvement to contributions from a number of acquisitions it made in recent months – namely land transport engineering services company Megafab, in which Union Steel acquired a 70% stake in May 2016, as well as Transvictory, a group of companies providing offshore & marine services and products.

(See also: Union Steel makes maiden foray into offshore and marine industry with Transvictory group acquisition)

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