The Lower Hutt-based company's net profit for the year to June 30 is expected to fall to around $13 million, down from $17m a year earlier.
Steel and Tube's first half net profit came to $6.4m, down $2m or 24 per cent compared with the first half of the previous year.
The company has complained of subdued activity across all product categories, particularly during September and October, but with November seeing some improvement.
Ongoing uncertainty in overseas markets continue to impact business sentiment, generally resulting in a cautious approach, the company has said.
Continued seismic activity in Christchurch has also played havoc with rebuilding schedules.
Volatile global raw material prices, finished steel prices and the value of the New Zealand dollar, had led to increased volatility in domestic steel prices, it said.
Mark Lister, head of private wealth at Craigs Investment Partners, said Steel and Tube, along with other construction-related companies Fletcher Building and Cavalier, had seen its share price languish over the year.
"Like all those stocks in this sector, they are starting to look interesting from a valuation perspective," he said.
Steel and Tube said ongoing global uncertainties made it very difficult to forecast earnings with any degree of certainty.
The company's view is that uncertainty on the major international markets would continue to limit confidence and curtail investment.
There are however signs of improvement. The value of residential building consents rose in June 2012, compared with June 2011, according to Statistics NZ.
The total value of residential building consents rose 27 per cent to $456m for June 2012. The value trend has increased 30 per cent since April 2011, with the South Island driving the increase in consents over the month.
Steel and Tube is just over half-owned by Australia's OneSteel.
Late in 2008, OneSteel made a takeover bid for Steel and Tube $4.00 a share right on the cusp of the global financial crisis. It later withdrew its bid when it became clear that world markets were about to tank.
Steel and Tube shares last traded at $2.13, down from $2.59 this time last year.
Elsewhere in the week, Property for Industry will issue its first half result on Monday.
Statistics NZ issues its quarterly employment survey, and labour cost index for the June quarter, on Tuesday.
Thursday sees the release of key unemployment numbers in the form of the Household Labour Force Survey for the June quarter from Statistics NZ.
Listed logistics company Mainfreight is set to report its first quarter result on Thursday.
Goodman Property Trust and Kiwi Income Property Trust will also hold their annual meetings on Friday.
