Wellington-based Steel & Tube's after tax profit has fallen to $13.1 million for the June year, down from $17m last year as margins came under pressure.
Profits were squeezed reflecting low growth, particularly for products used in construction.
The company reported sales up 5 per cent in a "subdued but slowly improving market".
Revenues reached $405 million, an increase of $19.6 million.
A final dividend of 6.5 cents a share was declared.
The company said the key industry sectors important to Steel &Tube had shown little improvement in the year.
There was been a pick-up in Christchurch, but national steel demand has seen only a marginal increase year-on-year.
"This has resulted in a very competitive environment with significant pressure on margins," the company said.
The second half of the year was slightly better than the first half to the end of December.
Revenue was steady in both halves, $202.9 and $202.5 million respectively.
Net profit after tax increased slightly in the second half to $6.7 million, giving a total of $13.1 million.