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Steel & Tube Applies For Clearance

Steel & Tube Applies For Clearance To Acquire Fletcher Steel

The Commerce Commission today received an application from Steel & Tube Holdings Limited to acquire Fletcher Steel Limited.

The Commission's Commerce Act Manager, Geoff Thorn, said that the Commission had recently cleared an application from Fletcher Steel to acquire Steel & Tube.

In the decision made last month, the Commission concluded that, should that proposal go ahead, Fletcher Steel would not acquire or strengthen dominance in any of the six relevant national steel markets.

Mr Thorn said that the Commission will use the information it gathered in making its decision on Fletcher Steel's proposal. The Commission will also examine any new issues raised by the Steel & Tube application.

The Commerce Act prohibits business acquisitions that result in dominance being acquired or strengthened in any market.

The Commission has 10 working days in which to make its decision but the Act allows for extensions of time if necessary. Working day 10 will be April 23.

Public copies of Steel & Tube's application are available from reception at the Commission's Wellington office, level 7 Landcorp House, 101 Lambton Quay.

Copies of the Commission's decision on Fletcher Steel's proposal, decision number 421, are available from its website, www.comcom.govt.nz, in the adjudication folder and in hard copy from its Wellington office.

Background

The Commission concluded that the relevant markets for Fletcher Steel's proposal were the national markets for the:

* distribution of merchant steel products * distribution and fabrication of reinforcing steel * distribution and processing of steel plate products * distribution and processing of steel coil products * manufacture and distribution of domestic roofing products, and * manufacture and distribution of industrial roofing products.

Media contact: Commerce Act Manager Geoff Thorn Phone work (04) 498 0958, cellphone 021 661 104

Senior Advisor Communications Vincent Cholewa Phone work (04) 498 0920, home (04) 477 0039

Commission media releases can be viewed on its web site www.comcom.govt.nz


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