STU Interim Dividend Cancellation and COVID 19 Update

20 March 2020
STU / NZX ANNOUNCEMENT


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
STEEL & TUBE UPDATE IN RELATION TO THE COVID-19 VIRUS
Cancellation of Interim Dividend
Steel & Tube Holdings Limited (NZX: STU) has announced the cancellation of its FY20 interim dividend
payment in light of the uncertainty around the potential impact of the COVID-19 virus on customer
activities.
The interim dividend of 1.5 cents per share was announced on 24 February 2020 and had been scheduled
to be paid on 27 March 2020.
The company will continue to monitor the impact of COVID-19 and will reassess the payment of dividends
in line with policy following completion of its financial statements for the year ending 30 June 2020. Chair
of Steel & Tube, Susan Paterson, said: “Whilst trading currently remains in line with expectations, the rapid
development and future uncertainty of this unprecedented situation requires us to take due care to protect
the interests of all of our stakeholders. In light of the uncertainty the Board considers it prudent and in the
best interests of the company to cancel the interim dividend payment. This decision has not been taken
lightly. We realise our shareholders may be disappointed, but we ask for their understanding amid these
uncertain times.”
Business update in relation to COVID-19
Steel & Tube is implementing a number of precautionary measures to ensure the wellness and safety of
staff and ongoing service and supply to customers, including:

Monitoring of staff health and wellbeing, taking precautions as necessary and enabling remote
working options.

Contingency planning leveraging the geographic spread of Steel &Tube’s network across New
Zealand to ensure customers continue to be well served.

Additional regular cleaning of all facilities is being undertaken; and

We are working closely with suppliers to mitigate any potential adverse effects or disruption.
Steel & Tube is well placed to support the infrastructure programme announced by the Government. The
company will keep the market informed and will report further developments, if and when they emerge.
ENDS

For further information please contact:
Mark Malpass
Steel & Tube CEO
Tel: +64 27 777 0327
Email: mark.malpass@steelandtube.co.nz
Greg Smith
Steel & Tube CFO
Tel: +64 21 755 803
Email: greg.smith@steelandtube.co.nz
Jackie Ellis
Media and communications
Tel: +64 27 246 2505
Email: jackie@ellisandco.co.nz