Steel & Tube to drop out of S&P/NZX 50

Mon, 05 Sep 2016

By Edwin Mitson Sept. 5 (BusinessDesk) - Steel & Tube Holdings is to drop out of the S&P/NZX50 benchmark index on Sep 16, despite a recent rally. The value of its shares hit their lowest level since 2001 in June at $1.79 following a difficult few months. In March the Commerce Commission began an investigation into earthquake reinforcing mesh products that weren’t certified as claimed, and the company was forced to cut guidance in May as intense competition in the domestic steel market squeezed margins and its Chinese-sourced road reinfor...

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