Steel and Tube shares fall 6.6 percent after parent Arrium sells half-stake at discount

Tue, 09 Oct 2012

By Hannah Lynch Oct. 10 (BusinessDesk) - Shares in Steel & Tube fell 6.6 percent after ASX-listed mining and minerals group, Arrium said it will sell its 50.3 percent stake in the local construction and materials supplier for about $91.2 million. The stock fell to $2.26 from $2.42. It has gained 17 percent this year and is rated an average 'hold' based on three analyst recommendations compiled by Reuters. "The way the market has been performing over the last few weeks means it will be well supported by investors as they trace higher dividend...

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