Steel building products manufacturer Steel & Tube has lifted annual profit by 15 per cent after gaining a sales boost from buying a stainless steel goods maker.

Profit rose to $17.9 million in the 12 months ended June 30, from $15.6 million a year earlier, the Lower Hutt-based company said. Sales increased to $441.4m from $393m, in part boosted by a $12.9m contribution from its new business, S&T Stainless. The company bought Tata Steel (Australasia), the local…