Steel & Tube considers Fletcher Steel

STU has applied for Commerce Commission clearance to acquire Fletcher Steel, a move it says will "keep its options open in the event that Fletcher Steel is declared non strategic and is made available for sale."

The application follows a recent application from Fletcher Steel to acquire Steel & Tube.

Steel & Tube says it is aware that Fletcher Building is conducting a strategic review of its operations with the view to exiting from poor performing or non core business units.

"It is our belief that the steel operations of Fletcher Building may fall into this category."

Given that Fletcher Steel's application was approved the clearance looks only a formality for STU's application.

In its ruling for Fletcher Steel the Commerce Commission said it was satisfied that any purchase of STU would not acquire or strengthen dominance in any of the six relevant steel markets in New Zealand.

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