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BlueScope’s New Zealand Steel acquires an interest in Steel & Tube Holdings

Steel News - Published on Wed, 17 Oct 2018

Image Source: The Wire
BlueScope Steel announced that its wholly owned subsidiary New Zealand Steel has acquired approximately 15.8 per cent of the shares in Steel & Tube Holdings. They paid a total consideration of $42.3 million.

Steel & Tube is a customer of New Zealand Steel. They were established in 1953 with the merger of Stewarts & Lloyds of New Zealand, The Iron & Steel Company of New Zealand, and McLean & Todd to form a steel company with a national reach.

NZ Steel, which acquired Fletcher’s Pacific steel and rolling mill in 2014, is a major supplier of long products, reinforcing, and coloured roofing. Its brands include Colorsteel, Axxis and Zincalume.

Parent company BlueScope today said it has no intention of taking over Steel & Tube.

Source :

Posted By : Sanju Moirangthem on Wed, 17 Oct 2018
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