Steel & Tube says it was struggling against bigger rivals in irrigation market before govt pulled funding

Mon, 09 Jul 2018

By Jonathan Underhill July 9 (BusinessDesk) - Steel & Tube Holdings' new chief executive Mark Malpass says the company paid too much enter the irrigation sector, struggled to compete against bigger rivals and ended up writing off its investment to return focus to its core steel business. The company has put its S&T Plastics business up for sale. It paid almost $8 million cash for the plant, buying Aquaduct NZ out of receivership in 2015 and spent a further $4 million to get the machinery, which includes three extruders to turn out the lar...

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