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