Steel & Tube 2021 ASM Presentation and Speeches

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2021 Annual Shareholders’ Meeting
30 September 2021
Steel & Tube was sub-contracted to Eastbridgeto supply approximately 4,000 tonneof steel plate
and sections used in the construction of the bridges on SH1 between Pūhoiand Warkworth.

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4

Our
board
Steve Reindler
Independent Director
Appointed Oct 2017
Karen Jordan
Independent Director
Appointed 10 December 2020
Susan Paterson
Independent Chair
Appointed Jan 2017
Christopher Ellis
Independent Director,
Appointed Oct 2017
John Beveridge
Independent Director
Appointed August 2019
5

Agenda
•Chair’s Presentation
•CEO’s Presentation
•Discussion
•Resolutions
•Other Business
6

Steel & Tube is...
•One of NewZealand’s leading
providers of steel solutions
•A proud NewZealand
company, with over 68 years
of trading history
•We offer NewZealand’s most
comprehensive range of
steelproducts, services and
solutions
•Our stable of best-in-class
businesses are some of this
country’s leadingsteel
suppliers
7

Journey to refreshed
board, strategy &
leadership
Project Strive
Change programme,
operational reset
Strengthened foundation,
continual improvement
Extensive
organisational
review
FY18FY19FY20FY21 to FY23
Moving Forward
Steel & Tube leadership
in the sector and the preferred
choice for steel products and
solutions across the country
Our journey
Late-2017: Embarked on an extensive company-wide reset
to drive long-term sustainable earnings improvement and
rebuild shareholder value. Foundation now laid and
moving forward.
2H17
January to June
8

FY21 results
at a glance
Significant and
sustainable
improvement in
results
•Materialimprovement in
earnings
•Increased revenue
•Strong balance sheet
with all debt repaid and
$25m net cash
•Resumed dividends
FY20FY21
Revenue$417.9m$480.0m
EBITDA$(37.2)m$40.7m
EBIT$(57.7)m $21.8m
Normalised EBIT$0.4m
1
$19.0m
1
NPAT$(60.0)m$16.1m
Net cash$7.4m$25.0m
Total dividendsNIL4.5 CPS
1. FY21 non-trading adjustments of $(2.8)m includes $1.6m in IFRS16 lease impairment reversals and
$1.2m gain on sale of properties. Further details included in appendix to this presentation.
9

Digital strategy is intrinsic
to our business
Customer satisfaction
score of 34
Employee Safety Measure
TRIFR 1.86
Greenhouse Gas
Emissions Down 9%
Employee Engagement
7.4/10
Range of quality initiatives
and certifications
Building a sustainable business
10

Build on
strong business
foundation
Business growth
Growth opportunities are driving gross margin dollar improvement
New product
development
& innovation
Business
Growth
11

CEO
Presentation
12

Level
3
Level
2
Level
4
•Distribution business trading limited to essential
businesses only
•Infrastructure / manufacturing businesses not able
to operate; MBIE exemption for Coloursteelin
Auckland from 13 September 2021
•All facilities open under strict COVID conditions;
Work From Home where possible
•All employees allowed back on site, with COVID
protocols in place
We are capturing
growth post lockdowns
and have taken a
leadership position on
incentivising
vaccinations
Trading under Covidenvironment
Impact of lockdown –substantial drop in revenue while fixed costs remain at same level
13

Strong trading pre-lockdown; deferred demand
will assist recovery
Note weekly sales Wednesday to Tuesday, September not final
14
0
2
4
6
8
10
12
14
6 July 202120 July 20213 August 202117 August 202131 August 202114 September 202128 September 2021
Weekly Revenue ($m)
Weekly Revenue -FY22 Vs FY21
FY22
FY21
Lockdown
Auckland AL3

Headwinds
•Global Covid-19
environment
•Supply chain congestion
•Increasing steel pricing
and cost pressures
•Labourconstraints,
particularly in residential
construction
•Manufacturing slower to
recover
Tailwinds
•Boom in residential
activity
•Steady increase in
infrastructure activity
•Commercial activity
picking up
•Manufacturing expanding
•Cost structure and
balance sheet reset
Steel & Tube value
•Distribution footprint and
breadth of product
•Infrastructure businesses
add point of difference
•Diversification across
industry sectors
•Procurement leverage and
strong balance sheet
•Cost efficient operations
•Customer focused and
sales led with strong
digital platform
FY21 market conditions
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Benefits of strategic initiatives now becoming clear
•Volumes and revenues have been rebuilt
•Driving margin improvements
•Improved customer service and delivery
•Significant structural cost reductions –building a resilient
underlying business platform
•Optimised working capital and invested in inventory to support
customer growth
•Digital initiatives have been embedded and we are now focussed
on scaling
Positive market backdrop
•Positive economic activity driving increased demand for steel
across a range of sectors
FY21
performance
overview
Strong result driven
by delivery on
strategic initiatives
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Division performance
Distribution
•Strong growth in revenue and earnings
•Gross margin and margin percentage both
improved strongly year on year
•Benefits from cost out programmeand
strategic initiatives
Infrastructure
•Volumes up versus prior period with gross
margin improvements from cost out
programmebeing partially offset with
competitive pricing pressure in some areas
•Long pipeline of secured work and increasing
volume of tender activity
-
50
100
150
200
250
300
FY20FY21
$m
Sales
InfrastructureDistribution
Percentage of Group EBIT
DistributionInfrastructure
17

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Our digital investment
Webshop, e-commerce, data
analytics, customer management,
online training modules, new
digital tools to make jobs easier
•Intrinsic foundation across all areas of
the business
•Benefits:
•Reduction in cost to serve
•Driving revenue
•Improving margin
•Traceability
•Will continue to be an important
investment area going forward
•Focus on increased functionality,
advanced analytics, automation and
integration with our customers
+628%
Online Revenue
Growth YoY
+5%
Average increase in
customer revenue
as result of online
purchasing
+505%
YoY growth in
online customers
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Digital technologies

Moving
forward
21

•Strong governance and sustainability focus
•Established leadership positions in many
categories of the steel market
•Diversity across multiple sectors in the steel
market, reducing exposure to any one sector
and providing ability to cross-sell to customers
•Streamlined and efficient national network,
covering all main regions and towns
•Leading the way in the sector with digital
platforms providing efficient access for
customers
•Trusted customer partner –reliability,
methodology, technical advisory and safety &
quality
•Investment in product quality systems
including Lloyds Register offshore and
domestic steel mill attestation and test
certificate verifications
•Strong balance sheet with capacity to invest
into organic growth
•People, communities, environment, health,
safety and wellbeing are at our core
Steel & Tube’s strengths
22

Our purpose
To make life easier for our customers
needing steel solutions
•Providing a one-stop-shop for the most
essential steel products –from floor to roof
and everywhere in between
•Doing everything we can to make it easy for
our customers to do business with us
•Always looking for ways to work smarter
•Using technology and great thinking to pull it
all together and enable a better business
•Building one great team right across the Steel
& Tube business
23

•Continue to build best-in-
class customer experience
and digital platform
•Drive gross margin dollars
•Continued operational
efficiencies
•Investment into IT and
enhanced data analytics
•Leverage opportunities to
cross sell wide range of
products and services
Strategic focus: investment for growth
Growth opportunities driving gross margin dollar improvement
•Primary focus on
organic growth
•Continue to consider
opportunities in close
adjacent sectors
•Continue to develop
differentiated expertise
•Expand the targeted
high value product
ranges
•Work in partnerships
with third parties
•Continue investment in
marketing and
promotion
New product development
and innovation
Build on strong business
foundation
24
Business growth

FY22 market outlook
Positive market backdrop, cycle expected
to be stronger for longer:
•Residential likely to ease due to expected
interest rate rises and supply demand
imbalance slowly reducing with borders
closed
•Commercial seeing positive uplift in
consents and significant increase in tenders
coming to the market
•Infrastructure continuing to build due to
significant underinvestment
•Expanding manufacturing sector
Non-food
Manufacturing
19%(FY20: 24%)
Food
Manufacturing
12%,
(FY20: 14%)
Retail/
Wholesale
8%,(FY20: 10%)
Residential Construction
21%, (FY20: 15%)
Non-
Residential
Construction
26%,
(FY20: 24%)
Infrastructure,
14%(FY20: 13%)
Share of FY21 Sales
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Incentives to get vaccinated

FY22 business outlook
Positive outlook with number of
identified opportunities
•Long pipeline of secured contract work in
place
•Well positioned to take advantage of
identified opportunities in a range of sectors
•Focus remains on continued gross margin
dollar improvement, leveraging digital
platform, product and sales growth
•Expect continued earnings momentum and
dividend flow
•Investigating potential capital management
activities
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Working at Steel & Tube

29
Shareholder discussion

Resolutions
30

Resolution 1: Auditor’s appointment and
remuneration
That KPMG be appointed as auditor of the
Company and the Directors be authorisedto fix
the auditor’s remuneration.
Resolution 2: Re-election of Susan Paterson
That Susan Paterson, who retires by rotation and
is eligible for re-election, be re-elected as a
Director of the Company.
Resolution 3: Election of Karen Jordan
That Karen Jordan, who was appointed as a
Director by the Board during the year, be elected
as a Director of the Company.
Resolutions
31

Other business
Close of meeting
32

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STEEL & TUBE 2021 ANNUAL SHAREHOLDERS’ MEETING
30 September 2021

BOARD
Joining me online today are your Directors. Firstly, Chris Ellis... then Steve Reindler ... John
Beveridge....and Karen Jordan. Karen joined our board in December last year and is standing for
election by shareholders today.
I’m also pleased to announce that Andrew Flavell will join our Board from tomorrow. Our search for
a director with digital skills was still in process when the notice of meeting went out – hence Andrew
will stand for election by shareholders at next year’s AGM.
Andrew is a very experienced senior technology executive and has driven digital transformations at
companies such as Nike and Microsoft. He was recently Chief Technology Officer at Plexure, the NZX-
listed global mobile engagement company. Andrew has a Doctor of Engineering, Systems
Engineering from the University of Tokushima, Japan, and did his Bachelor of Engineering at
Auckland University.
Steel & Tube’s digital strategy is becoming an increasingly valuable pathway for our company and
Andrew’s extensive experience will be of significant value and we are looking forward to him joining
the Board.
Since taking over as Chair in 2017, when the business was burdened with high debt, excess inventory
and many non-performing assets and aspects of the business, we have undergone a complete
refresh of the Board and management and I am very confident we have an excellent team, dedicated
to driving the growth of the company.

STEEL & TUBE IS ...
Steel & Tube is one of New Zealand’s leading providers of steel solutions.
Our goal is to be the best in the sector, the preferred choice for steel products and solutions, a
rewarding place to work and an attractive investment for our shareholders.
We do this by investing in the things that matter – our people, our customers, digital innovation,
operational excellence, quality, health and safety.

OUR JOURNEY
The value and benefits of the hard work done over the last three years are now becoming clear.
Prior to 2017, the company went through a period of growth and acquisition. These businesses are
all now integrated and adding value to our Group, aside from the plastics business which we closed.
Substantial and positive outcomes have been achieved from our three-year Project Strive
transformation programme. We have optimised our national network; established our digital and

ecommerce platform - and are leading the way in digital technology in the sector; have locked in
material cost reductions and efficiencies; and have invested significantly in our people, quality, and
health and safety.
We have a great team leading our company and passionate people who are focused on delivering
the best possible solution and experience for our customers.
The Board recognises the value of diversity across our workforce and the part this plays in creating a
rich and vibrant culture. While we have initiatives in place and numbers are growing, we recognise
that women remain under represented in the sector, and we are committed to addressing this as
much as we can.
We also recognised early on that COVID was with us to stay for three to five years. We have a
number of initiatives to upskill our people, provide assistance for lower paid employees, and provide
work opportunities for school leavers in our community.
Our customer satisfaction scores continue to rise and we have a strong pipeline of secured work
ahead of us.

FY21 RESULTS
Steel & Tube’s FY21 results signal a step change in our financial performance.
Revenue increased 15% year on year, operating expenses reduced by 13.5% and we delivered
EBITDA of $40.7m, compared to a loss of $(37.2)m the previous year.
We completed the year with a strong balance sheet, with zero debt and $25m in cash to support our
growth strategy.
We were pleased to resume the payment of dividends while carefully managing our capital
requirements in a covid environment.

A SUSTAINABLE BUSINESS
The events of the last year have reinforced the importance of taking a long term view and putting in
place strategies that look beyond next quarter or next year.
Your Board remains committed to building a sustainable business, which delivers long term value for
our customers, employees, shareholders and communities.
Our ESG programme is built around our strategic pillars and we are making good progress on a range
of initiatives.
Safety remains a priority and we were pleased to see our Employee Total Injury Frequency Rate drop
to 1.86, well below industry averages.
It has also been encouraging to see the high levels of engagement from our employees with a score
of 7.4 out of 10 and an Employee Net Promoter Score of 19 – both strong results. People remain our
biggest asset and we are investing in training, work placements, mentoring and wellbeing.

Quality remains a priority investment area for us with industry certifications, independent third
party audits of steel mills and other suppliers, and our traceability programme. Our entire business is
now ISO 9001:2015 quality certified and independent audits were carried out on eight supplier mills
with up to 12 more planned this financial year.
Work done across our network and supply chain has assisted with a 9% reduction in carbon
emissions, and a drop in fuel and electricity consumption, as well as improved material efficiency
and recycling.
Our customers remain at the centre of our business and we are building a powerful combination of
people and technology to deliver customer experiences that are dynamic, effortless and
personalised.
Digital technology is bringing value to all we do and will remain a focal point for FY22 and a priority
investment area.
We continue to advocate that New Zealand needs a range of construction materials and that
material choices should be made by the experts – engineers, architects and designers - not
politicians.
The creation of a circular economy is not simply focused on the design and construction process but
also considers the post-construction life cycle stages and the benefits from materials that can be
reused or recycled, such as steel.
We can’t continue to trash our buildings to landfill. We must reuse, repurpose and recycle our
valuable materials and move to a circular economy. That is what counts and what makes a real
difference. It is also where materials like steel, which has a 72% recycling rate in New Zealand, stand
out.
Steel is infinitely recyclable without product degradation and is easily reused and repurposed; it
generates minimal construction waste; and renewable energy sources available in New Zealand are
used for making steel.

INVESTMENT FOR GROWTH
We are now moving into the next stage in our strategy evolution - building on the foundations we
have in place and positioning ourselves to capture new opportunities.
We are focused on organic growth in sectors where we have strengths and competitive advantage,
and Mark and his team will talk to this shortly.
We will continue our conservative approach to capital management and will fund growth initiatives
from retained earnings and improving capital efficiency.
As a Board, we are pleased about the shape of the business, the positive attitude of our team and
the opportunities ahead of us to add value for our shareholders. We would like to say a particular
thank you to Mark, our CEO. He initially joined Steel & Tube as a Director in 2018 and then stepped
down to take up the role of CEO. He has calmly and confidently led our strategy and built an amazing
team over the last three years, and has been integral in achieving the strongly improved results that
we are seeing today.

I’ll now hand over to Mark to provide more insights on business and where we will be focusing our
efforts going forward.

CEO’S UPDATE
I’d like to start by thanking the Board for their encouragement and support over the last year and
our people for their efforts and contributions. Steel & Tube’s team has responded extremely well in
a challenging environment and I am proud of their high levels of engagement over this time.

TRADING UNDER COVID ENVIRONMENT
Today Auckland remains at Alert Level 3 and is the fourth time in less than two years that our
businesses have either had to close or been restricted due to the pandemic – each time we go into
lockdown, our revenue drops, while our fixed costs remain largely the same.
The initial lockdown in April last year provided us with an opportunity to reassess our strategy and
advance our long term network optimisation plans. This resulted in significant changes to the
business model, a more cost efficient and streamlined network of branches, and distribution hubs
and manufacturing facilities centred around where our customers are located.
As with previous lockdowns, under Level 4 we were unable to operate except to supply Essential
businesses which had totalled 715 customers by the end of Alert Level 4. These were mainly
serviced through our Distribution operations. The building products industry was one of the very
few not permitted to continue manufacturing operations. This mainly impacted our Infrastructure
manufacturing businesses and has applied additional pressure onto New Zealand’s already fragile
supply chain.
In mid-September, a very restricted category of products were given an exemption to recommence
manufacturing under Level 4, with a total of 100 workers approved across Auckland. This was 100
workers in total, not per company. Steel & Tube received approval from MBIE for 6 workers to
continue to manufacture coloursteel for roofing and cladding, but no other products.
In late August, our network outside of Auckland was able to open under Level 3 with Auckland re-
opening from 22 September. All our nationwide operations are now fully operational, providing
much needed steel products to the manufacturing, rural, construction and infrastructure sectors.
We have robust COVID operating procedures and protocols, and these were quickly put these in
place to ensure our staff, customers and suppliers remained safe and well.
Pleasingly, with the support of the Board, we were able to provide peace of mind to our people and
continued paying them 100% of their wages during lockdown. While we claimed the wage subsidy,
this only goes some way towards our wage costs - it’s also worth noting the whole business only
qualified for the first 2 weeks of wage subsidy.

TRADING YTD
This chart shows our sales performance for the new 2022 financial year to date and the impact of
the latest lockdown on our business.
From 1 July up until the Alert Level 4 lockdown, our revenue was up 29% on the same period last
year, continuing the positive momentum seen in the later part of the 2021 financial year.
Since the lockdown, trading has progressively recovered, with supply to Essential businesses
increasing under Level 4 and the re-opening of operations outside of Auckland under Level 3 and
below.
What we have learnt from previous lockdowns, is that demand does not disappear, it is simply
deferred until the economy re-opens. We have a significant backlog of orders and have been
focused on meeting customer demand as quickly as possible.
Lockdown has been difficult for everyone and I’d like to acknowledge the efforts of our team who
deliver day in and day out for our customers and shareholders.
During lockdown our team has been working harder than ever. As new rules and guidelines were
rapidly changing, it’s hard to describe the myriad and relentless nature of decisions and careful
change management that my team and their direct reports have been working through.
Many of our frontline people couldn’t work as normal but that didn’t stop them undertaking
training. During lockdown over 1,700 training modules were completed as people used the
downtime as an opportunity to upskill and learn through our on-line training site called MySkills. We
have a great group of people who are passionate about our business and I am proud to be a part of
this team.

FY21 MARKET CONDITIONS
The 2021 financial year was challenging, with the impact of COVID-19 and pressure on global supply
chains.
Demand for steel increased as consumers spent up on whiteware, cars and other items, residential
construction soared and governments invested in infrastructure programmes to boost economic
activity.
Steel mills are operating at capacity and on top of this, supply chains have become congested with
no signs that these headwinds will be alleviated anytime soon. These global and regional factors
have led to increased pricing across a broad range of steel products here in New Zealand.
We saw strong activity in some sectors such as residential construction. We are also seeing a good
recovery in other sectors such as commercial which has been soft for several years. The
Infrastructure pipeline continues to grow and Manufacturing is expanding.
We have a number of advantages in this environment. We are diversified across a range of sectors;
we have size, scale and very strong supplier relationships that mitigate a lot of the risk from the
supply chain pressures; and our investment into technology is paying dividends across all areas of
our business.

FY21 PERFORMANCE OVERVIEW
Our efforts in the 2021 financial year delivered a strong improvement in year on year results with
volumes, revenue and margins recovering across the year and a strong pipeline of secured work.
We have provided detailed information in our results presentation and annual report, so I won’t
dwell too much on this today.
As Susan has said, our financial results were significantly improved – we have created a strong
financial and operating platform that has been driven by cost efficiencies, an optimised national
network, our focus on customer excellence and our investment in digital technology.

DIVISION PERFORMANCE
We operate through two divisions – Distribution and Infrastructure.
Distribution is a higher volume commodity business. Basically, we buy products in bulk and
repackage or process them and distribute to customers across New Zealand through our national
network of branches.
Distribution continues to go from strength to strength and revenue, gross margin dollars and margin
percentage all improved year on year.
Infrastructure comprises products and services tailored to customers’ needs. Products are processed
before sale and typically include installation; and specialist knowledge and skills are a key ingredient.
In Infrastructure, volumes were up versus the prior period with gross margin improvements from the
cost out programme being partially offset with competitive pricing pressure in some areas. While
slower to recover, an increasing volume of activity was seen in the second half of the financial year
as infrastructure and large commercial projects came back on stream, and we have a strong pipeline
of secured work.
Our businesses are well run by high quality leaders and I’d now like to share some insights from two
of our division managers.
Video – Distribution and Infrastructure Division

OUR DIGITAL INVESTMENT
Technology is one of our biggest investment areas, so I’d like to talk to it a bit more today.
Digital is becoming critical to how we operate. We are using digital technology to add value to all
areas of our business, from our omni-channel customer platform, pricing analytics and product
traceability, to health and safety and employee development.
Technology improves our customer offer, reduces the cost to service, drives revenue and improves
margin. We have a clear digital roadmap and this will continue to be an important investment area
for us.

Up next we’ve got another short video which demonstrates just some of our digital initiatives in
action.
Video - Technology

MOVING FORWARD

OUR STRENGTHS
The solid financial performance in 2021 financial year enables our focus to transition from
turnaround to growth and value add.
Our turn around programme has worked and we are now seeing the benefits.
We are moving forward with a robust financial and operating platform, leadership positions across
many product categories and strong employee morale.
There is always more to do and while our focus remains on optimising the business, we have also
identified a number of organic growth opportunities. Our priority remains to deliver a great
experience and quality outcome for our customers.

OUR PURPOSE
Our goal is simple – to make life easier for customers needing steel solutions and to be their
preferred choice of supplier.
We continue to build initiatives under each of our five pathways which are focused on customers,
our people, technology, service and operational efficiency.

STRATEGIC FOCUS
Strategically, we will continue to build on the strong business foundation now in place, with a focus
on digital and IT initiatives
Gross margin dollar improvement and operational efficiencies remain a priority and we will leverage
our breadth and scale to cross sell a wider range of products and services.
As you have heard today, we are investigating new products and opportunities that will extend what
we can offer to our customers, and we will continue to invest in our marketing and sales to build
demand.
While our primary focus is on organic growth, we will also continue to consider opportunities in
adjacent sectors.
Creating a sustainable business underpins all we do, and we were really pleased to recently appoint
Trent Brash to the new role of Group Sustainability Manager. Trent is a great example of the
passionate and enthusiastic people we have in the Steel & Tube team. He has a clear passion for

improving our environment and communities and will play an important role as we continue to
create an environmentally and socially responsible company that shareholders, customers and our
Steel & Tube team can all be proud of.

FY22 MARKET OUTLOOK
Aside from the current and any future covid-lockdowns, market conditions look to remain positive
and the economic cycle is expected to be stronger for longer.
The current residential boom is expected to ease over the medium term due to an expected rise in
mortgage rates and increased supply, however, commercial, infrastructure and manufacturing are all
expected to grow.
The latest lockdown has shown New Zealand’s vulnerability and we believe vaccination is the key to
reducing risk. We have introduced an incentive scheme for our staff to encourage them to get
vaccinated faster, and have offered $150 either in cash, Kiwisaver contribution or Steel & Tube
shares to those who are fully vaccinated by mid-November. We’ve had really positive feedback on
this from our staff and robust systems are in place to ensure all personal information is kept
confidential.
This great response from our Whangarei staff was captured by Te Karere Maori news last week.

BUSINESS OUTLOOK
We will continue to be responsive to the changing environment and changing sector demands. Our
team has the experience and skills to solve challenges and identify opportunities and our focus
remains on how we differentiate ourselves to stand out and be the preferred supplier of choice.
Our focus remains on gross margin improvement, customer delivery and growing sales in attractive
segments.
We have a strong pipeline of secured work in place and are well positioned to take advantage of new
market and product opportunities.
Investing in new processing equipment will assist in opening up identified new markets as well as
drive operating efficiencies, safety and product quality.
In addition, we will continue to invest in digital technologies to continuously improve the customer
experience and expand the customer offer, providing further competitive advantage.
We are confident in our strategy, our people and our positioning and look forward to continuing to
build on the strong platform we now have in place.
ENDS