NZ Steel grabs blocking stake in Steel & Tube

Tue, 16 Oct 2018

By Gavin Evans Oct. 17 (BusinessDesk) - New Zealand Steel has paid a 17 percent premium for a blocking stake in distributor Steel & Tube Holdings, the latest move in an ongoing tussle for the Lower Hutt-based steel products supplier. NZ Steel, a unit of BlueScope Steel and operator of the Glenbrook steel mill, has agreed to pay $45.98 million – or $1.75 each - for 26.3 million shares in the Steel & Tube. The purchase of almost 16 percent of the company from three funds managed by Milford Asset Management was agreed yesterday and is expect...

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