NZ Steel purchase heads off risk of consolidated customer, First NZ says

NZ Steel purchase heads off risk of consolidated customer, First NZ says
Paul McBeth
By Paul McBeth Oct. 18 (BusinessDesk) - New Zealand Steel's $46 million stake in distributor Steel & Tube has shut down the creation of a potentially tricky customer flexing its muscles to get better pricing, analysts say.  The local unit of Australia's BlueScope Steel paid a 17 percent premium for almost 16 percent of Steel & Tube, effectively blocking any future takeover. The issue became live for NZ Steel when Fletcher Building made two offers for the steel products distributor. A tie-up between those companies would have created a dom...