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Fletcher Challenge Building Welcomes Determination

STOCK EXCHANGE LISTINGS: NEW ZEALAND (FLB), AUSTRALIA (FLCBS), NEW YORK (FLB).

FLETCHER CHALLENGE BUILDING WELCOMES COMMERCE COMMISSION DETERMINATION

AUCKLAND, 21 March 2001 – Fletcher Challenge Building welcomes the decision announced today by the Commerce Commission to give it clearance to acquire up to 100% of the shares in Steel and Tube Holdings Limited.

In reaching its decision, the Commission determined that such an acquisition would not create an entity that occupied a dominant position in the marketplace.

The clearance was granted to Fletcher Challenge Building’s steel division, Fletcher Steel Limited. It effectively reactivates a clearance that was granted in December 1999, but which expired in December 2000. The new clearance is valid for 12 months.

Brian Wignall, Group General Manager of Fletcher Steel Limited, said: “We are pleased that the Commerce Commission approved the application. Having the clearance, we are now in a position to consider the future purchase of Steel & Tube shares among the many options available to Fletcher Steel Limited over the next 12 months.”

“At the same time, we currently have no plans to act on the clearance,” he said.

Fletcher Steel Limited encompasses an integrated range of steel businesses, including Pacific Steel, Pacific Wire, Fletcher Easysteel, Dimond, Cyclone and Fletcher Reinforcing.

ENDS

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