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Steel Technologies to Restate

The company's fourth-quarter results miss estimates.

Steel Technologies

(STTX)

fell after the Louisville, Ky.-based steel processor released preliminary fourth-quarter results and set plans for a restatement.

For the fourth quarter, the company earned $3.2 million, or 24 cents a share. Sales increased 5% to $202.3 million. Wall Street was looking for earnings of 46 cents a share on $219.7 million in revenue.

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The company said in a statement that the fourth-quarter results were "well below our internal expectations." The company said it sees similar volumes for the first fiscal quarter of 2007.

As for the restatement, Steel Technologies will revise some of its previous financial results to correct the accounting for certain deferred tax assets and liabilities. The company said it expects to finalize the restatement by the time it files its annual report.

Shares fell $2.16, or 10.4%, to $18.53.