BlueScope acquires an interest in Steel & Tube Holdings

Company News

by Rachael Jones

BlueScope Steel (ASX:BSL) today announced that its wholly owned subsidiary New Zealand Steel has acquired approximately 15.8 per cent of the shares in Steel & Tube Holdings.

They paid a total consideration of $42.3 million.

Steel & Tube is a customer of New Zealand Steel.

They were 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.

Neither BlueScope nor New Zealand Steel has any intention to make a takeover offer for Steel & Tube.

Shares in BlueScope Steel (ASX:BSL) closed 2.08 per cent higher to $15.73 yesterday

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.