Steel & Tube to appeal District Court decision

20 NOVEMBER 2018
STU / NZX ANNOUNCEMENT

STEEL & TUBE AND COMMERCE COMMISSION TO APPEAL DISTRICT COURT
DECISION
Steel & Tube Holdings Limited (NZX: STU) is to appeal the level of a fine imposed by the Auckland District Court
last month in relation to its steel mesh.
It follows a decision by the Commerce Commission to also appeal the fine.
Steel & Tube has carefully reviewed the decision and believes the fine is excessive.
At the time the decision was released by the Auckland District Court, Steel & Tube apologised to its customers,
shareholders and staff for the historic breaches of the Fair Trading Act and stressed that the breaches were
unintentional.
Both the Ministry of Business, Innovation and Employment and the Structural Engineering Society of New
Zealand have indicated that homeowners should not be concerned about the safety or ductility of steel mesh
in their homes. The Insurance Council of New Zealand also recently reassured homeowners they should not be
unduly concerned about insurance claims in respect of homes containing steel mesh from Steel & Tube.
Steel & Tube will not be commenting further at this stage while the appeal is before the Court.

ENDS

For further information please contact:
Jackie Ellis
Media and communications
Tel: +64 27 246 2505
Email: jackie@ellisandco.co.nz



Level 7, IBM Building, 25 Victoria Street, Petone 5012, PO Box 30543, Lower Hutt 5040
P 04 570 5000 F 04 570 2453 www.steelandtube.co.nz