Steel & Tube is selling loss-making operations and closing sites after a $61m annual loss, while its auditor has flagged material uncertainty over its ability to continue as a going concern.Key numbers for the year ended 30 June compared with a year ago:Net loss $61.2m vs $24.4m lossRevenue $438.9m vs $385.4mNormalised EBITDA $9.9m vs $2.1mProduct margin 30.7% vs 28.1%No final dividendThe steel products company said demand improved through much of the year, with volumes up nearly 16 percent, but the recovery was disrupted in the final quarter by geopolitical uncertainty and pre-election caution among customers.Normalised earnings improved as higher volumes and cost savings flowed through, though the company remained loss-making at an operating level.Chief executive Mark Malpass said the result reflected the impact of a prolonged market downturn and subdued demand, which had continued for longer than expected."While we saw an emerging market recovery through the first three quarters of the year, the market was once again disrupted in Q4 as a result of the Middle East conflict and pre-election caution," he said.The statutory result was hit by a $51.9m non-cash impairment, reflecting a write-down in the carrying value of parts of the business after accounting assessments and difficult trading conditions.Steel & Tube is planning to exit its Reinforcing & Wire and Plate Processing operations, which it said were delivering returns below its investment criteria.It has received an offer from Euro Corporation for the Reinforcing & Wire assets, subject to Commerce Commission approval, while also running a wider sale process.The company expects the sale process to realise about $11m to $12m in asset and inventory value, excluding costs.It also plans to exit seven smaller sites over the next 12 months and is exploring the exit of two larger sites. Steel & Tube said the smaller-site closures were expected to deliver annualised cash savings of about $2m in the 2028 financial year.One positive note was the performance of Perry Metal Protection, the galvanizing business Steel & Tube acquired last year.The company said the galvanizing business had outperformed, with revenue and earnings trending above expectations, supported by cross-selling and revenue synergies.Net debt was $48m at balance date, with bank funding from ANZ extended to September 2027.The annual report included an auditor's warning of material uncertainty related to going concern, with future covenant compliance and liquidity dependent on assumptions about sales volumes, margins, cost savings and the company's banking relationship.Chair Susan Paterson said it was disappointing to report another loss, but the company was focused on returning to sustainable profitability and positioning itself to benefit as demand recovered."We have a clear path forward, centred on disciplined execution, stronger returns and creating long-term value for shareholders," she said.