{{Short description|New Zealand iron and steel company}} {{Use dmy dates|date=February 2024}} {{Use New Zealand English|date=February 2024}} {{Infobox company | name = Steel & Tube Holdings Limited | logo = SteelandTube-logo.svg | logo_size = | logo_alt = | logo_caption = | logo_padding = | image = | image_size = | image_alt = | image_caption = | trading_name = | native_name = | native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{lang|[code]|[name]}}. --> | romanized_name = | former_name = | type = [[Public company|Public]] | traded_as = {{NZX|STU}} | ISIN = | industry = Metals | genre = <!-- Only used with media and publishing companies --> | fate = | predecessors = Stewarts & Lloyds of New Zealand<br>The Iron & Steel Company of New Zealand<br>McLean & Todd<ref name= "History" /> | successor = <!-- or: | successors = --> | founded = 1953<ref name= "History">{{cite web| url=http://steelandtube.co.nz/corporate/history| title=History| publisher=Steel & Tube| work=About Us}}</ref> <!-- if known: {{start date and age|df=yes|YYYY|MM|DD}} in [[city]], [[state]], [[country]] --> | founder = <!-- or: | founders = --> | defunct = <!-- {{end date|df=yes|YYYY|MM|DD}} --> | hq_location = | hq_location_city = [[Auckland]] | hq_location_country = New Zealand | coordinates = | num_locations = | num_locations_year = <!-- Year of num_locations data (when known) --> | area_served = <!-- or: | areas_served = --> | key_people = Susan Paterson (Chair)<br>Mark Malpass (Chief Executive) | products = | brands = | production = | production_year = <!-- Year of production data (when known) --> | services = | revenue = | revenue_year = <!-- Year of revenue data (when known) --> | operating_income = | income_year = <!-- Year of operating_income data (when known) --> | net_income = <!-- or: | profit = --> | net_income_year = <!-- or: | profit_year = --><!-- Year of net_income/profit data (when known) --> | aum = <!-- Only for financial-service companies --> | assets = | assets_year = <!-- Year of assets data (when known) --> | equity = | equity_year = <!-- Year of equity data (when known) --> | owner = <!-- or: | owners = --> | members = | members_year = <!-- Year of members data (when known) --> | num_employees = | num_employees_year = <!-- Year of num_employees data (when known) --> | parent = | divisions = | subsid = | slogan = <!-- or: | slogans = --> | module = <!-- Used to embed other templates --> | footnotes = | website = {{URL|http://www.steelandtube.co.nz/}} }}
'''Steel & Tube Holdings Limited''' is a New Zealand-listed company that was established in 1953 with the merger of Stewarts & Lloyds of New Zealand, The Iron & Steel Company of New Zealand and McLean & Todd to form a steel company with a national reach.
==History== Steel & Tube was listed on the [[New Zealand Exchange]] in 1967. In 1980 [[Tenon Limited|Tenon]] subsidiary Fletcher Metals became the largest shareholder by purchasing 25% of the company from [[British Steel Corporation]].
In 1985 Tubemakers of Australia became a minor shareholder with an 8.8% share in Steel & Tube.
In 1999 [[Fletcher Challenge]], through its subsidiary; Fletcher Steel, were granted an application with the [[Commerce Commission]] to acquire up to 100% of Steel & Tube. This application expired in December 2000 with the company not acquiring a share in Steel & Tube. In 2001 the company applied through the same channels for the same application stating they did not purchase shares with the previous application due to [[Arrium|OneSteel]] backing out of its first sale bid for 50.01% of Steel & Tube as well as increasing volatility within the Australasian steel market.<ref>{{cite press release| url=http://www.scoop.co.nz/stories/BU0102/S00124.htm| title=Fletcher Applies To Acquire Steel & Tube| publisher=[[Fletcher Challenge]]| date=16 February 2001}}</ref>
In 2012 Steel & Tube Holding replaced [[Fisher & Paykel]]'s spot on the [[NZX 50 Index]] after Fisher & Paykel was acquired by [[Haier]].<ref>{{cite web| url=http://www.nbr.co.nz/article/who-takes-fps-nzx50-spot-dw-131964| title=Who takes F&P's NZX50 spot| publisher=[[National Business Review]]}}</ref> Steel & Tube dropped out of the NZX 50 Index on 16 September 2016.<ref>{{cite news |title=Comvita leads index higher on China deal |url= https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11704213 |accessdate=28 April 2020 |work=[[New Zealand Herald]] |date=5 September 2016}}</ref>
On 28 April 2020, it became known that Steel & Tube would bring forward some restructuring caused by the economic downturn from the [[COVID-19 pandemic in New Zealand|COVID-19 pandemic]]. Between 150 and 200 jobs are expected to be lost.<ref>{{cite news |title=Steel and Tube to make up to 200 staff redundant |url= https://www.rnz.co.nz/news/business/415287/steel-and-tube-to-make-up-to-200-staff-redundant |accessdate=28 April 2020 |work=[[Radio New Zealand]] |date=28 April 2020}}</ref>
==OneSteel/Arrium== On 29 September 2008 Australian company [[Arrium|OneSteel]] launched a takeover bid. OneSteel already was the majority shareholder with a shareholding of 50.27%. The takeover bid valued Steel & Tube at $438 million.<ref>{{cite web|url=http://www.nzherald.co.nz/steel-and-tube-holdings-ltd/news/article.cfm?o_id=200&objectid=10534765|title=Steel & Tube takeover- 17pc premium offered by OneSteel|work=[[New Zealand Herald]]|date=14 March 2024 }}</ref> The $175 million bid had been abandoned by 20 October 2008; which led to a 22% share price drop for Steel & Tube.<ref>{{cite web|url=http://www.nzherald.co.nz/steel-and-tube-holdings-ltd/news/article.cfm?o_id=200&objectid=10538482|title=Sharp fall for Steel & Tube after takeover ditched|work=[[New Zealand Herald]]|date=14 March 2024 }}</ref>
On 10 October 2012, [[Arrium]] announced its intention to sell its Steel & Tube stake at a 15% discounted price of $91.2 million.<ref>{{cite web|url=http://www.nzherald.co.nz/steel-and-tube-holdings-ltd/news/article.cfm?o_id=200&objectid=10839522|title=Steel & Tube parent to sell stake at 15pc discount|work=[[New Zealand Herald]]|date=14 March 2024 }}</ref>
For the first time in its history; Steel & Tube became a 100% New Zealand-owned company when its majority shareholder Arrium sold its 50.3% share in 2012<ref name= "History"/> to institutional investors. Buyers included the [[New Zealand Government]] through the [[Accident Compensation Corporation]] who spent $12 million for a 7.2% share.<ref>{{cite web|url=http://www.stuff.co.nz/business/industries/7799980/Investors-snap-up-shares-in-steel-firm|title=Investors snap up shares in steel firm|work=[[Stuff (website)|Stuff]]|date=10 October 2012 }}</ref>
==Investments== In the mid-1980s Steel & Tube acquired a 25% stake in [[New Zealand Steel]]. Also in the deal, they acquired undisclosed stakes in [[New Zealand Motor Corporation]], Domtrac Equipment, and Healing Industries.<ref name= "History" />
Between 1988 and 1995 Steel & Tube began a series of acquisitions that would strengthen their share in the New Zealand steel market. They would acquire Cable Price Steel in 1989, Acorn Pacific Corporation in 1990, as well as Stewart Steel and GW Taylor Industries in 1992.<ref name= "History" />
In 2006, Steel & Tube purchased New Zealand Fasteners Stainless Group for $11 million.<ref>{{cite web|url=http://www.nzherald.co.nz/steel-and-tube-holdings-ltd/news/article.cfm?o_id=200&objectid=10371294|title=Steel & Tube to buy part of NZ Fasteners|work=[[New Zealand Herald]]|date=14 March 2024 }}</ref>
In April 2014 Steel & Tube purchased the Australasian arm of Indian-company [[Tata Group]] for $28.1 million. After the purchase Tata was renamed S&T Stainless.<ref>{{cite web|url=http://www.nzherald.co.nz/steel-and-tube-holdings-ltd/news/article.cfm?o_id=200&objectid=11309356|title=Steel and Tube profit up 15pc as Tata buy boosts sales|work=[[New Zealand Herald]]|date=14 March 2024 }}</ref>
In July 2015 it was announced that Steel & Tube would purchase Manufacturing Suppliers for $32 million.<ref>{{cite web|url=http://www.nzherald.co.nz/steel-and-tube-holdings-ltd/news/article.cfm?o_id=200&objectid=11482601|title=Steel & Tube buys Manufacturing Suppliers|work=[[New Zealand Herald]]|date=14 March 2024 }}</ref>
In August 2015 Steel & Tube purchased Aquaduct NZ after it fell into receivership for $8 million. During this acquisition phase they also purchased Bosch Irrigation from the same receivers for an undisclosed sum. The companies were owned by Gerard van den Bosch and other members of the van den Bosch family before going into receivership.<ref>{{cite web|url=http://www.nbr.co.nz/article/steel-tube-continues-acquisition-drive-buying-aquaduct-nz-out-receivership-b-177711|title=Steel & Tube continues acquisition drive, buying Aquaduct NZ out of receivership|work=National Business Review}}</ref>
==Controversy== In 2014 Steel & Tube came under scrutiny after an anonymous complaint led to the [[New Zealand Exchange]] investigating the company for infractions of the code of listing. Three breaches were noted; failing to ensure chief executive Dave Taylor retired as a director at its annual meeting, failing to announce the resignation of an officer, and failing to announce a change of registered address. As a result of the breaches, the company was fined $12,000 plus other costs and were given a Notice of Censure by the New Zealand Exchange.<ref>{{cite web|url=http://www.stuff.co.nz/business/10120145/Fines-and-censure-for-Steel-Tube|title=Fines and censure for Steel & Tube|work=Stuff|date=4 June 2014 }}</ref>
==References== {{Reflist}}
==External links== * {{official website|http://steelandtube.co.nz/}}
{{DEFAULTSORT:Steel and Tube}} [[Category:Companies listed on the New Zealand Exchange]] [[Category:Steel companies of New Zealand]] [[Category:Manufacturing companies established in 1953]] [[Category:1953 establishments in New Zealand]]