Steel & Tube
Steel & Tube is a New Zealand steel distribution, processing, and industrial products company established through a 1953 merger.
Last updated August 31, 2026
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Overview
Steel & Tube is a New Zealand steel company with roots in the consolidation of several established metal businesses. It was created in 1953 through the merger of Stewarts & Lloyds of New Zealand, The Iron & Steel Company of New Zealand, and McLean & Todd. The combination was intended to create a steel enterprise with national reach, bringing together distribution, processing, and industrial supply capabilities under one company. The company became publicly listed on the New Zealand Exchange in 1967. Its ownership history subsequently reflected the broader integration of the New Zealand and Australian steel industries. Fletcher Metals, a subsidiary of Tenon, acquired a 25 percent interest from British Steel Corporation in 1980, while Tubemakers of Australia became a smaller shareholder with an 8.8 percent holding in 1985. Steel & Tube also developed strategic and operating interests in related businesses, including a 25 percent stake in New Zealand Steel during the mid-1980s and interests in New Zealand Motor Corporation, Domtrac Equipment, and Healing Industries. During the late 1980s and 1990s, Steel & Tube expanded through acquisitions intended to strengthen its position in the New Zealand steel market. These included Cable Price Steel in 1989, Acorn Pacific Corporation in 1990, and Stewart Steel and GW Taylor Industries in 1992. The company later broadened its product and customer base through acquisitions in fasteners, stainless steel, manufacturing supplies, irrigation, and related industrial categories. In 2006 it bought New Zealand Fasteners Stainless Group. In 2014 it acquired the Australasian operations of Tata Group's stainless-steel business, subsequently renaming the operation S&T Stainless. In 2015 it announced the purchase of Manufacturing Suppliers and acquired Aquaduct NZ and Bosch Irrigation from receivership proceedings. Steel & Tube was the subject of several attempted or proposed ownership transactions. Fletcher Challenge, through Fletcher Steel, received regulatory approval in 1999 to seek up to full ownership, but the application expired in 2000 without an acquisition. A renewed application in 2001 referred to the failure of OneSteel's earlier bid for a controlling stake and to volatility in the Australasian steel market. OneSteel, later known as Arrium, launched a takeover bid in September 2008 while holding a majority stake. The bid was abandoned in October of that year, contributing to a sharp fall in Steel & Tube's share price. Arrium sold its approximately 50.3 percent holding in 2012 to institutional investors, including New Zealand's Accident Compensation Corporation. The sale made Steel & Tube fully New Zealand-owned for the first time in its history. The company joined the NZX 50 Index in 2012, replacing Fisher & Paykel after that company was acquired by Haier, but left the index in September 2016. In 2014, the New Zealand Exchange censured and fined Steel & Tube after an investigation identified three listing-code breaches involving the treatment of a chief executive's directorship, notification of an officer's resignation, and notification of a registered-address change. In 2020, during the economic disruption associated with the COVID-19 pandemic, the company brought forward restructuring measures expected to affect approximately 150 to 200 jobs. Steel & Tube's business is centered on supplying steel and related industrial products to construction, infrastructure, manufacturing, engineering, agricultural, and trade customers. Its historical expansion indicates a strategy of combining national distribution with specialist product businesses. The company remains a recognizable New Zealand industrial brand, although detailed current information on ownership, leadership, financial performance, and its present operating structure is not established by the supplied reference material.
History
Steel & Tube was established in 1953 when Stewarts & Lloyds of New Zealand, The Iron & Steel Company of New Zealand, and McLean & Todd merged. The merger created a steel company intended to serve customers across New Zealand rather than operate as a collection of regionally separate businesses. Its historical activities developed around steel distribution, processing, and the supply of products used by construction, engineering, manufacturing, infrastructure, and industrial customers. The company listed on the New Zealand Exchange in 1967. Its shareholder base changed during the following decades as New Zealand and Australian steel interests became increasingly interconnected. In 1980, Fletcher Metals, a Tenon subsidiary, became the largest shareholder after purchasing 25 percent of Steel & Tube from British Steel Corporation. Tubemakers of Australia acquired an 8.8 percent interest in 1985. Steel & Tube also made investments in related industries during the 1980s, including a 25 percent interest in New Zealand Steel and undisclosed interests in New Zealand Motor Corporation, Domtrac Equipment, and Healing Industries. From 1988 through 1995, the company pursued acquisitions to consolidate and extend its presence in the New Zealand steel market. It acquired Cable Price Steel in 1989, Acorn Pacific Corporation in 1990, and Stewart Steel and GW Taylor Industries in 1992. This acquisition-led approach was later applied to specialist product areas. In 2006, Steel & Tube purchased New Zealand Fasteners Stainless Group for NZ$11 million. In April 2014, it bought the Australasian arm of Tata Group's stainless-steel operation for NZ$28.1 million and renamed the business S&T Stainless. In July 2015, the company announced the purchase of Manufacturing Suppliers for NZ$32 million. The following month it acquired Aquaduct NZ from receivership for NZ$8 million and bought Bosch Irrigation from the same receivers for an undisclosed amount. Ownership proposals involving major steel groups were a recurring feature of the company's history. In 1999, Fletcher Challenge, through Fletcher Steel, obtained Commerce Commission approval to seek up to 100 percent of Steel & Tube. The approval expired in December 2000 without Fletcher acquiring shares. A similar application was made in 2001. The application cited the decision by OneSteel not to proceed with an earlier proposed purchase of 50.01 percent and the volatility of the Australasian steel market. OneSteel launched a takeover bid in September 2008. It already held 50.27 percent of Steel & Tube, and the proposed transaction valued the company at approximately NZ$438 million. The bid, reported at NZ$175 million in the reference account, was abandoned on 20 October 2008. The abandonment was followed by a reported 22 percent decline in Steel & Tube's share price. In 2012, OneSteel's successor, Arrium, announced plans to sell its 50.3 percent holding at a 15 percent discount for NZ$91.2 million. The stake was sold to institutional investors, including New Zealand's Accident Compensation Corporation, which reportedly invested NZ$12 million for a 7.2 percent interest. The transaction made Steel & Tube wholly New Zealand-owned for the first time. Steel & Tube entered the NZX 50 Index in 2012 after Fisher & Paykel was acquired by Haier. It left the index on 16 September 2016. The company also faced a governance and disclosure issue in 2014. Following an anonymous complaint, the New Zealand Exchange identified three listing-code breaches involving the failure to ensure that chief executive Dave Taylor retired as a director at the annual meeting, the failure to announce an officer's resignation, and the failure to announce a registered-address change. Steel & Tube received a Notice of Censure and was fined NZ$12,000 plus associated costs. In April 2020, as the COVID-19 pandemic weakened economic activity, Steel & Tube said it would bring forward restructuring actions. The measures were expected to eliminate between 150 and 200 jobs. This episode illustrates the sensitivity of the company's operations to construction, manufacturing, and broader economic cycles. Across its history, Steel & Tube has combined a national steel-distribution identity with acquisitions in stainless steel, fasteners, manufacturing supplies, irrigation, and related industrial products. The supplied sources do not establish detailed current leadership, ownership, financial results, or a definitive present-day corporate structure.
- 2020
COVID-19 restructuring brought forward
[1]The company accelerated restructuring in response to the economic downturn, with an expected loss of 150 to 200 jobs.
- 2016
Leaves the NZX 50 Index
[1]Steel & Tube was removed from the NZX 50 Index on 16 September.
- 2014
S&T Stainless established through acquisition
[1]Steel & Tube acquired Tata Group's Australasian stainless-steel operations and renamed them S&T Stainless.
- 2012
Arrium exits and Steel & Tube becomes wholly New Zealand-owned
[1]Arrium sold its majority stake to institutional investors, ending majority foreign ownership.
- 2012
Joins the NZX 50 Index
[1]Steel & Tube replaced Fisher & Paykel in the NZX 50 Index.
- 2008
OneSteel takeover bid abandoned
[1]OneSteel launched and then abandoned a takeover bid for Steel & Tube.
- 2006
New Zealand Fasteners Stainless Group acquired
[1]The company bought New Zealand Fasteners Stainless Group and expanded its specialist stainless and fastening products.
- 1992
Stewart Steel and GW Taylor Industries acquired
[1]Steel & Tube expanded through the acquisition of Stewart Steel and GW Taylor Industries.
- 1990
Acorn Pacific Corporation acquired
[1]The company acquired Acorn Pacific Corporation to strengthen its market position.
- 1989
Cable Price Steel acquired
[1]Steel & Tube acquired Cable Price Steel as part of a wider expansion program.
Products and positioning
A New Zealand-focused steel and industrial-products supplier serving construction, infrastructure, manufacturing, engineering, agricultural, and trade customers through a broad distribution and specialist-products portfolio.
Construction and engineering steel
Structural steel
Structural steel is a core part of Steel & Tube's historical business, supplying steel sections and related products for building, infrastructure, fabrication, and engineering applications. The company's national distribution heritage allowed it to serve trade and industrial customers across New Zealand.
Flat steel products
Sheet and plate steel
Steel sheet and plate serve manufacturing, fabrication, construction, transport, and general engineering customers. These products form part of the broad steel-distribution portfolio associated with Steel & Tube.
Stainless steel · 2014
S&T Stainless
S&T Stainless was the name applied to the Australasian stainless-steel business acquired from Tata Group in 2014. The operation extended Steel & Tube into specialist stainless-steel distribution and related customer applications.
Industrial supplies · 2006
Fasteners and manufacturing supplies
Steel & Tube expanded into fasteners and broader manufacturing supplies through acquisitions including New Zealand Fasteners Stainless Group and Manufacturing Suppliers. These products complement steel distribution by serving fabricators, manufacturers, engineering businesses, and trade customers.
Agricultural and water-management products · 2015
Irrigation products
The acquisitions of Aquaduct NZ and Bosch Irrigation added irrigation and water-management products to Steel & Tube's portfolio. The purchases broadened the company beyond conventional steel supply into agricultural and infrastructure-related applications.
Controversies
2014
New Zealand Exchange listing-code breaches
Following an anonymous complaint, the New Zealand Exchange identified three breaches involving a chief executive's directorship, notification of an officer's resignation, and notification of a registered-address change. Steel & Tube received a Notice of Censure and a NZ$12,000 fine plus costs.
Brand decisions
2020
COVID-19 restructuringStrategyBackground
The economic downturn associated with the COVID-19 pandemic placed pressure on steel, construction, and industrial supply demand.
Action taken
Steel & Tube brought forward restructuring measures.
Aftermath
The company expected the restructuring to result in 150 to 200 job losses.
2015
Expansion into manufacturing and irrigation suppliesM&ABackground
Steel & Tube pursued acquisitions in adjacent industrial and agricultural supply categories.
Action taken
The company announced the purchase of Manufacturing Suppliers and later acquired Aquaduct NZ and Bosch Irrigation from receivership.
Aftermath
The transactions broadened the company's portfolio beyond core steel distribution.
Reported acquisition prices. NZ$32 million for Manufacturing Suppliers; NZ$8 million for Aquaduct NZ; Bosch Irrigation price undisclosed (2015)
2014
Acquisition of Tata Group's Australasian stainless-steel businessM&ABackground
Steel & Tube sought to expand its specialist stainless-steel offering and regional industrial-products portfolio.
Action taken
The company purchased Tata Group's Australasian arm and renamed it S&T Stainless.
Aftermath
The acquisition strengthened Steel & Tube's presence in stainless-steel products.
Acquisition price. NZ$28.1 million (2014)
2012
Arrium sells majority stakeM&ABackground
Arrium, the successor to OneSteel, decided to sell its approximately 50.3 percent holding in Steel & Tube.
Action taken
The stake was sold to institutional investors, including New Zealand's Accident Compensation Corporation.
Aftermath
Steel & Tube became wholly New Zealand-owned for the first time in its history.
Sale value of majority stake. NZ$91.2 million (2012)
2008
Abandonment of OneSteel takeover bidM&ABackground
OneSteel launched a takeover bid while holding a majority stake in Steel & Tube.
Action taken
OneSteel abandoned the bid on 20 October 2008.
Aftermath
The abandonment was followed by a reported 22 percent decline in Steel & Tube's share price.
Reported takeover valuation. (2008)
Sources1 sources
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