Steel & Tube 1H24 Interim Results

STEEL & TUBE HOLDINGS LIMITED
2024
HALF YEAR
REPORT

1
STEEL & TUBE HALF YEAR REPORT 2024
INTERIM
FINANCIAL
STATEMENTS
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2023
Contents
02 Interim Financial Statements
06 Notes to the Interim Financial Statements
11 Independent Review Report
These interim financial statements do
not include all the notes and information
normally included in the annual financial
statements. Accordingly, they should be
read in conjunction with the annual financial
statements for the year ended 30 June 2023.
Due to rounding, numbers presented
throughout the financial statements may not
add up precisely to the totals provided.
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STEEL & TUBE HALF YEAR REPORT 2024

2
STEEL & TUBE HALF YEAR REPORT 2024
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 31 December 2023
Notes
Unaudited
December
2023
$000
Unaudited
December
2022
$000
Sales revenue3 261,750 315,326
Other operating income 64 238
Cost of sales2(2 0 3,789) (24 6 ,941)
Operating expenses2(4 7, 5 1 0) (47,162)
Software as a Service (SaaS) upfront expenditure(381) (1,068)
Earnings before interest, tax, other gains and losses and impairment 10,134 20,393
Other gains 38 64
Earnings before interest, tax and impairment 10,172 20,457
Reversal of impairment of Right-of-use assets - (113)
Earnings before interest and tax 10,172 20,344
Interest income 243 144
Interest expense(2 ,9 24) (4,0 0 9)
Profit before tax 7, 4 9 1 16,479
Tax expense(2,143) (4,6 4 4)
Profit for the period attributable to owners of the company 5,348 11,835
Items that may subsequently be reclassified to profit or loss
Other comprehensive loss - hedging reserve(272) (783)
Total comprehensive income 5,076 11,052
Basic earnings per share (cents) 3.2 7.1
Diluted earnings per share (cents) 3.1 7. 0
The accompanying notes form part of these financial statements.

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STEEL & TUBE HALF YEAR REPORT 2024
STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2023
Share
capital
$000
Retained
earnings
$000
Hedging
reserve
$000
Treasury
shares
$000
Share-
based
payments
$000
Total
equity
$000
Balance at 1 July 2023 1 5 7,1 6 8 52 ,741 9 (2,896) 1,132 208,154
Comprehensive income
Profit after tax - 5,348 - - - 5,348
Other comprehensive (loss) / income
Hedging reserve (net of tax) - - (272) - - (272)
Total comprehensive income - 5,348 (272) - - 5,076
Transactions with owners
Dividends paid - (6,6 3 9) - - - (6,6 3 9)
Employee share schemes 834 - - - (219) 615
Unaudited balance at 31 December 2023 158,002 51,450 (263) (2,896) 913 207,206
Balance as at 1 July 2022 156,669 54,770 560 (2,896) 998 210,101
Comprehensive income
Profit after tax - 11,835 - - - 11,835
Other comprehensive (loss) / income
Hedging reserve (net of tax) - - (783) - - (783)
Total comprehensive income - 11,835 (783) - - 11,052
Transactions with owners
Dividends paid - (12,457) - - - (12,457)
Employee share schemes 499 - - - 55 554
Unaudited balance at 31 December 2022 1 5 7,1 6 8 54,148 (223) (2,896) 1,053 209, 2 50
The accompanying notes form part of these financial statements.

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STEEL & TUBE HALF YEAR REPORT 2024
BALANCE SHEET
As at 31 December 2023
Notes
Unaudited
December
2023
$000
Audited
June 2023
$000
Current assets
Cash and cash equivalents 26,259 6,481
Trade and other receivables 54,717 69,7 98
Contract assets 5,559 9, 2 2 5
Inventories4 128,623 139,158
Income tax receivable 1,048 -
Derivative assets 3 278
216,209 2 24,94 0
Non-current assets
Deferred tax 6,460 7, 0 74
Property, plant and equipment 3 7,1 3 0 35,647
Intangibles 13,203 13,523
Right-of-use assets 77,155 82,905
13 3,948 139,149
Total assets 350,157 364,089
Current liabilities
Trade and other payables 46,160 49,02 5
Income tax payable - 5,603
Provisions 586 494
Derivative liabilities 1,518 69
Short term lease liabilities 13,462 14,235
61,726 69,426
Non-current liabilities
Provisions 1,220 1,318
Long term lease liabilities 80,005 85,191
81,225 86,509
Equity
Share capital 158,002 157,168
Retained earnings 51,450 52,741
Other reserves(2 , 24 6) (1,755)
207,206 208,154
Total equity and liabilities 350,157 364,089
Susan Paterson ChairKaren Jordan Director
These financial statements and the accompanying notes were authorised by the board on 19 February 2024.
For the board:
The accompanying notes form part of these financial statements.

5
STEEL & TUBE HALF YEAR REPORT 2024
STATEMENT OF CASH FLOWS
For the six months ended 31 December 2023
Notes
Unaudited
December
2023
$000
Unaudited
December
2022
$000
Cash flows from operating activities
Customer receipts 282,529 3 3 7, 5 1 4
Interest receipts 243 144
Payments to suppliers and employees(233, 388) ( 2 8 7, 5 8 4)
Payments for interest on leases(2 ,468) (2,244)
Income tax payments( 7, 7 5 8) (5,102)
Interest payments(4 4 3) (1,6 4 6)
Wage subsidy received - 58
Net cash inflow from operating activities 38,715 41,140
Cash flows from investing activities
Property, plant and equipment disposal proceeds 17 92
Property, plant and equipment and intangible asset purchases(4,443) (2,280)
Payment for new business purchase - (8 ,9 0 9)
Net cash outflow from investing activities
(4,426) (11,097)
Cash flows from financing activities
Repayment of bank borrowings - (11,000)
Dividends paid(6,6 3 9)(12,457)
Payment for leases(7,872)( 7, 0 9 6)
Net cash outflow from investing activities
(14,511) (30,553)
Net increase / (decrease) in cash and cash equivalents 19,7 78 (510)
Cash and cash equivalents at the beginning of the period 6,481 8,046
Cash and cash equivalents at the end of the period
26,259 7, 5 3 6
Represented by:
Cash and cash equivalents 26,259 7, 5 3 6
26,259 7, 5 3 6
The accompanying notes form part of these financial statements.

6
STEEL & TUBE HALF YEAR REPORT 2024
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 31 December 2023
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
Steel & Tube Holdings Limited (the company or Steel & Tube) is registered under the Companies
Act 1993 and is a FMC Reporting Entity under the Financial Markets Conduct Act 2013. The
company is a limited liability company incorporated and domiciled in New Zealand. The group
comprises Steel & Tube Holdings Limited and its subsidiaries. The group’s principal activities
relate to the distribution and processing of steel products.
The registered office of the company is 7 Bruce Roderick Drive, East Tamaki, Auckland 2013,
New Zealand.
These interim financial statements have been reviewed, not audited, and were approved for
issue on 19 February 2024.
These interim financial statements are presented in New Zealand dollars and rounded to the
nearest thousand.
Basis of preparation
The group is a for-profit entity. The interim financial statements have been prepared in
accordance with, and comply with, New Zealand Generally Accepted Accounting Practice (NZ
GAAP). They comply with NZ IAS 34: Interim Financial Reporting and the NZX Main Board Listing
Rules (issued 15 January 2024).
These interim financial statements do not include all the information required for an annual
financial report and consequently should be read in conjunction with the audited financial
statements of the group for the year ended 30 June 2023. Non-GAAP measures shown in the
interim financial statements are defined in the 2023 Annual Report.
These interim financial statements have been prepared using the same accounting policies and
methods of computation as the financial statements for the year ended 30 June 2023.
The preparation of the interim financial statements requires the exercise of judgements that affect
the application of accounting policies, the reported amounts of assets and liabilities, and income
and expenses. Where applicable and based on information available at the time of preparing the
interim financial statements, the group has updated its judgements, estimates and assumptions
adopted since the audited financial statements of the group for the year ended 30 June 2023.
These interim financial statements have been prepared on a going concern basis as the group
will be able to discharge its liabilities.
The carrying value of all financial instruments approximates fair value. All financial instruments
are held at amortised cost, with the exception of derivative instruments which are accounted
for at fair value through profit or loss. The derivative instruments comprise forward foreign
exchange contracts, the fair value of which are calculated using forward exchange rates that are
quoted in an active market. All financial instruments accounted for at fair value through profit or
loss are classified as level 2 of the fair value hierarchy. The group applies hedge accounting and
where derivative instruments are designated as hedging instruments in a cash flow hedge, fair
value gains/losses are recognised in other comprehensive income and released either to profit
or loss or the hedged item when the forecast transaction takes place.

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STEEL & TUBE HALF YEAR REPORT 2024
2. EXPENSES
Unaudited
December
2023
$000
Unaudited
December
2022
$000
Cost of sales and operating expenses:
Inventories expensed in cost of sales 1 8 7, 3 5 3 2 2 9,6 8 6
Impairment of trade and other receivables(1 29) 278
Depreciation and amortisation 11,000 10,138
Directors' fees 321 325
Employee benefits 36,959 3 7, 3 2 5
Defined contribution plans 1,027 974
Information technology expenses 3,538 3,650
Foreign exchange gains(260) (478)
Short term and low value lease costs 157 143
Other expenses 11,333 12,062
Total cost of sales and operating expenses 251,299 294,103
Inventory sold during the period is expensed as cost of sales. Depreciation of $887k (31
December 2022: $823k) related to equipment used to manufacture products is included in cost
of sales. Depreciation of right-of-use assets and other depreciation is included in operating
expenses. Information technology expenses disclosed in the above table excludes SaaS upfront
expenditure. This has been disclosed separately on the Statement of Profit or Loss and Other
Comprehensive Income.
3. OPERATING SEGMENTS
The group has identified two reporting segments as at 31 December 2023 having regard for
the criteria outlined in NZ IFRS 8 Operating Segments (NZ IFRS 8). The group’s Chief Operating
Decision Maker (being the CEO) receives financial reports which aggregate the activities of
the group’s various operating segments into two distinct divisions, being Distribution and
Infrastructure.
These reportable segments have been determined by having regard to the nature of products,
services and processes the various Business Units undertake to service customers. The group
has a diverse range of customers from various industries, with no single customer contributing
more than 10% of the group’s revenue.
The group derives its revenue from the distribution and processing of steel and associated
products. Within the Distribution division, the primary focus is on the distribution of steel
products and fasteners, servicing similar customer groups, sharing similar business models
and trading skills, and using similar sales channels. The majority of product is traded and sales
staff are tasked to know the full range of products. Within the Infrastructure divison, product
is predominately steel product which is bought and processed/manufactured in warehouse
facilities for project/contract customers.

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STEEL & TUBE HALF YEAR REPORT 2024
The CEO uses EBIT as a measure to assess the performance of segments. The segment
information provided to the CEO for the period ended 31 December 2023 is as follows:
December 2023
Distribution
$000
Infrastructure
$000
Other
$000
Reconciled
to group
$000
Timing of revenue recognition
At a point in time 153,141 64,814 6 217,961
Over time - 43,789 - 43,789
Revenue from external customers 153,141 108,603 6 261,750
Depreciation and amortisation(5,837) (3,815) (1, 348) (11,000)
Expenses(142,501) (9 9,419) 1,342 (240, 578)
Segment EBIT 4,803 5,369 - 10,172
Interest on leases (1,525) (918) (25) (2 ,468)
Interest - others (net)(213)
Reconciled to group profit before tax 7, 4 9 1
December 2022
Distribution
$000
Infrastructure
$000
Other
$000
Reconciled
to Group
$000
Timing of revenue recognition
At a point in time 191,643 75,677 14 2 6 7, 3 3 4
Over time - 4 7,9 9 2 - 4 7,9 9 2
Revenue from external customers 191,643 123,669 14 315,326
Depreciation and amortisation(5,17 1) (3, 5 4 4) (1,423) (10,138)
Expenses
(170,353) (115,900) 1,409 (284,844)
Segment EBIT 16,119 4,225 - 20,344
Interest on leases (1, 331) (906) (7) (2 , 24 4)
Interest - others (net)(1,621)
Reconciled to group profit before tax 16,479
Depreciation and amortisation recognised in the period ended 31 December 2023 is inclusive
of depreciation recognised under NZ IFRS 16 Leases, which is in line with the financial reports
received by the CEO.
Interest recognised under NZ IFRS 16 Leases is shown separately in the financial reports provided
to the CEO. Other interest income and expense are not allocated to segments as these are
driven by the central treasury function, which manages the cash position of the group.
Assets and liabilities are reported to the CEO on a group basis, and are not separately reported
with respect to the individual operating segments.
Sales between segments are eliminated on consolidation. The amounts provided to the CEO
with respect to segment revenue are measured in a manner consistent with that of the financial
statements.

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STEEL & TUBE HALF YEAR REPORT 2024
4. INVENTORY
The group holds inventories valued at $128.6m (30 June 2023: $139.2m).
Inventories ($000s)
Goods in transit
Provision for
write-down
Finished goods
at cost price
124,412
7,47 9
(3,268)
$128,623
Dec 2023
135,572
7,044
(3,458)
$139,158
Jun 2023
5. IMPAIRMENT TESTING
NZ IAS 36 Impairment of Assets (NZ IAS 36) requires the group to assess for any indicators of
impairment at the end of each reporting period and also to test the recoverable amount of the
group’s assets against its carrying value to assess whether there is any indication that an asset
may be impaired. The recoverable amount is the higher of an asset’s fair value less costs of
disposal (FVLCD) and value-in-use (VIU).
For the purpose of assessing impairment, assets are grouped in the smallest identifiable group
of assets that generates cash inflows that are largely independent of the cash inflows from other
assets or groups of assets (cash generating unit or CGU), which as at 31 December 2023 were
identified as being Distribution, Reinforcing/CFDL and Rollforming.
As at 31 December 2023, the group has not identified any indicators of impairment over the
assets held at the CGUs. The group’s market capitalisation is slightly below net assets at period
end, however this market capitalisation value excludes any control premium and may not reflect
the value of 100% of the group’s net assets.
The group has therefore concluded that no impairment is required as at 31 December 2023.
The group has also concluded that no reversal of the previous impairment of intangible assets
should be made following an assessment that previous assumptions applied remains consistent
in the current half-year.

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STEEL & TUBE HALF YEAR REPORT 2024
6. RELATED PARTY AND SHARE BASED PLANS
The group has related party relationships with its subsidiaries and with key management
personnel.
There have been no material changes in the nature or amount of related party transactions for
the group since 30 June 2023.
7. SUBSEQUENT EVENTS
On 19 February 2024, the board declared an interim dividend of 4.0 cents per share
(2023: 4.0 cents) totalling $6.7m (2023: $6.6m). The dividends will be fully imputed and will be
paid to shareholders on 28 March 2024.

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STEEL & TUBE HALF YEAR REPORT 2024



© 2024 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private
English company limited by guarantee. All rights reserved.

Independent Review Report
To the shareholders of Steel & Tube Holdings Limited
Report on the interim consolidated financial statements of Steel & Tube Holdings Limited and its
subsidiaries (together the ‘Group’)
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements on pages 2 to 10
do not:
i. present, in all material respects the Group’s
financial position as at 31 December 2023
and its financial performance and cash
flows for the 6 month period ended on that
date in compliance with NZ IAS 34 Interim
Financial Reporting.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
— the consolidated statement of financial position
as at 31 December 2023;
— the consolidated statements of comprehensive
income, changes in equity and cash flows for the
6-month period then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.

Basis for conclusion

We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (“NZ SRE 2410 (Revised)”). Our responsibilities are further described in
the Auditor’s Responsibilities for the review of the financial statements section of our report.
We are independent of Steel & Tube Holdings Limited, in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Our firm has provided statutory audit services and advisory services in respect of the readiness of greenhouse
gas emissions disclosures for assurance. These matters have not impaired our independence as auditor of the
Group. The firm has no other relationship with, or interest in, the Group.

Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might
state to the shareholders those matters we are required to state to them in the Independent Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the shareholders as a body for our review work, this report, or any of the opinions we have formed.

12
STEEL & TUBE HALF YEAR REPORT 2024
Responsibilities of the Directors for the interim
consolidated financial statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the interim consolidated financial statements in accordance with NZ
IAS 34 Interim Financial Reporting;
— implementing necessary internal controls to enable the preparation of interim consolidated financial statements
that are free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the
interim consolidated financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We conducted
our review in accordance with NZ SRE 2410 (Revised). NZ SRE 2410 (Revised) requires us to conclude whether
anything has come to our attention that causes us to believe that the interim financial statements are not prepared,
in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
A review of interim consolidated financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410 (Revised)”) is a limited
assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to obtain
assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these interim
consolidated financial statements.
KPMG
Auckland
19 February 2024

13
STEEL & TUBE HALF YEAR REPORT 2024
Registered Office
7 Bruce Roderick Drive, East Tamaki,
Auckland 2013, New Zealand
PO Box 58880, Botany, Auckland 2163,
New Zealand
Ph: +64 4 570 5000 Fax: +64 4 570 2453
Email: info@steelandtube.co.nz
Website: www.steelandtube.co.nz
Directors
Susan Paterson Chair and Independent
Director
Steve Reindler Independent Director
Christopher Ellis Independent Director
John Beveridge Independent Director
Karen Jordan Independent Director
Andrew Flavell Independent Director
Future Director
Cherie Kerrison
Auditor
KPMG Auckland
18 Viaduct Harbour Avenue, Auckland 1010
Share Registry
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142, New Zealand
Ph: +64 9 488 8777 Fax: +64 9 488 8787
Email: enquiry@computershare.co.nz
Website: www.computershare.co.nz
Bankers
ANZ New Zealand
ANZ Centre, 23-29 Albert Street, Auckland 1010
Solicitors
Chapman Tripp Auckland
Level 34, PwC Tower, 15 Customs Street West
PO Box 2206, Auckland 1140
Financial Calendar
Half year results announced February
End of financial year 30 June
Annual results announced August
Annual report August
Stock Exchange
The company’s shares trade on the
New Zealand Exchange under the code STU
Directory

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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023


Results for announcement to the market
Name of issuer Steel & Tube Holdings Limited
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$261,750 (17.0%)
Total Revenue $261,750 (17.0%)
Net profit/(loss) from
continuing operations
$5,348 (54.8%)
Total net profit/(loss) $5,348 (54.8%)
Final Dividend
Amount per Quoted Equity
Security
$0.04000000
Imputed amount per Quoted
Equity Security
$0.01555556
Record Date 14 March 2024
Dividend Payment Date 28 March 2024
Current period Prior comparable period
(31 December 2022)
Net tangible assets per
Quoted Equity Security
$1.16 $1.17
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Non-GAAP financial information
Steel & Tube uses several non-GAAP measures when
discussing financial performance. This includes normalised
EBITDA and normalised EBIT. Management believes that these
measures provide useful information on the underlying
performance of Steel & Tube’s business. They may be used
internally to evaluate performance, analyse trends and allocate
resources. Non-GAAP financial measures should not be viewed
in isolation nor considered as a substitute for measures reported
in accordance with NZ IFRS. Reconciliations of non-GAAP
measures to GAAP measures are detailed within this
announcement.
Steel & Tube’s normalised EBITDA is $21.9m for 1H24 (1H23:
$31.6m, 30.7% decrease) and normalised EBIT is $11.3m for
1H24 (1H23: $21.5m, 47.4% decrease). Further details on the
unusual transactions/non-trading adjustments are included in the
investor presentation for the period ended 31 December 2023.

Definitions:
• EBITDA: This means earnings before interest, tax,
depreciation and amortisation and is calculated as profit for
the period before net finance costs, tax, depreciation and
amortisation
• Normalised EBITDA: This means EBITDA after normalisation
adjustments
• EBIT: This means earnings before interest and tax and is
calculated as profit for the period before net finance costs
and tax
• Normalised EBIT: This means EBIT after normalisation
adjustments
• Normalisation adjustments: These are transactions that are
unusual by size or nature in a particular accounting period.
Excluding these transactions can assist users in forming a
view of the underlying performance of the Group. Unusual
transactions can be as a result of specific events or
circumstances or major acquisitions, disposals or
divestments that are not expected to occur frequently

Authority for this announcement
Name of person

authorised
to make this announcement
Mark Malpass
Contact person for this
announcement
Mark Malpass
Contact phone number +64 27 777 0327
Contact email address mark.malpass@steelandtube.co.nz
Date of release through MAP

20 February 2024

Unaudited financial statements accompany this announcement.

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Template
Distribution Notice

Updated as at June 2023



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Steel & Tube Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code STU
ISIN (If unknown, check on NZX
website)
NZSUTE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 14 March 2024
Ex-Date (one business day before the
Record Date)
13 March 2024
Payment date (and allotment date for
DRP)
28 March 2024
Total monies associated with the
distribution
1

$6,694,485
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.05555556
Gross taxable amount
3
$0.05555556
Total cash distribution
4
$0.04000000
Excluded amount (applicable to listed
PIEs)
NIL
Supplementary distribution amount $0.00705882
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

28.0%
Imputation tax credits per financial
product
$0.01555556
Resident Withholding Tax per
financial product
$0.00277778
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Richard Smyth
Contact person for this
announcement
Richard Smyth
Contact phone number +64 21 646 822
Contact email address richard.smyth@steelandtube.co.nz
Date of release through MAP

20 February 2024






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

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1H24 Results
Presentation
For the 6 months ended
31 December 2023
20 February 2024

2
Results at a glance
Continued solid performance in a more challenging trading environment
Revenue
$261.8m
-17.0%
EBITDA
$21.2m
-30.5%
EBIT
$10.2m
-49.8%
NPAT
$5.3m
-55.1%
Volume
62,569t
-22.2%
Earnings Before Interest and Tax (EBIT), Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), Net Profit AfterTax (NPAT) | Non-GAAP earnings reconciliation at the end of the presentation
Percentage variances compared against 1H23 unless otherwise stated
Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided
ROFE
7.6%
1H23: 13.8%
Normalised
EBITDA
$21.9m
-30.7%
Normalised
EBIT
$11.3m
-47.4%
•Solid financial
performance, above
December 2023 guidance
•Normalised EBIT up on
2H23, despite challenging
environment
•12-month reduction in
inventory of $46.4m
•No bank debt and a
strong cash balance of
$26.3m
Cash Balance
$26.3m
FY23: $6.5m
Inventory
$128.6m
FY23: $139.2m

3
1H24 summary
Staying the course on strategy and focusing on controlling the controllables
•Subdued trading with volumes remaining under
pressure from economic headwinds
•Economic recovery taking longer than anticipated;
economic outlook for some improvement from Q4
FY24
•Strategic investments into high value products and
services and acquisitions continued to perform
above expectations
•Investment in new mesh straightening equipment
and new purlins machinery with automated stacking
system to be commissioned 2Q25
•Investment in new plate processing equipment for
Christchurch, to be commissioned in 2H24
•Market share growth in key categories
•Continued to generate strong margins, particularly
in our Infrastructure business due to high value
solutions and services
•Cost out programme progressing well
•ROBOS loan agreement to secure exclusive AU/NZ
road barrier supply, option to convert to equity
Well positioned for economic
improvement: Operatingleverage and
tight cost controls enabling strong earnings
growth when volumes return as the
economy improves

4
Actively managing market challenges
Market
Challenges
Risk Level
2H23
Risk Level
1H24
FY24 response
Slowing
economy
HighHigh
•Customer focused, resilient and sustainable business platform
•Growth strategy focused on high value products, services and sectors
•Diversified business with limited exposure to any one sector
Commodity price
volatility
HighMed
•Steel pricing remains elevated above pre-Covid levels
•Continued investment in the right inventory and reduced inventory cover
•Focus on dollar margin capture on existing inventory
InflationHighMed
•Easing inflationary pressures
•Comprehensive $5m cost out programme, focus on opex
Tight labour
market
MedLow
•Continued focus on culture and wellbeing, staff training & development,
mentoring and Māori cadetship programmes
•Low staff turnover
Cashflow
management
MedLow
•Strong balance sheet and lean cost structure
•Tight control and management of debtors -minimal levels of bad debt

5
2
3
4
2
4
6
8
10
Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23
SQM (millions)
Consents $ (bn)
Value ($)Floor Area
Continued demand for steel despite economic conditions
Dampened domestic demand in 1H24; macro trends supporting positive long term outlook
Source: Statistics New Zealand, BNZ –BusinessNZ PMI, Statistics NZ, Infometrics
Share of sales restated following a comprehensive review of all significant customers as part of our segmentation strategy
Infrastructure Activity
Robust outlook with large scale projects
Performance of Manufacturing Index (PMI)
Headwinds affecting activity, long term remains positive
Non-Residential Consents
Positive commercial investment continues
4
9
14
19
Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23
$ bn
34%
35%
34%
32%
13%
12%
8%
10%
7%
7%
4%
4%
0%
20%
40%
60%
80%
100%
1H24FY23
Sector Split
4
6
8
20
30
40
50
60
Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23
SQM (millions)
No. Consents (000's)
Number of ConsentsFloor Area
20
30
40
50
60
Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23
Residential Consents
Long term demand and undersupply

6
Investor returns
1.Gross dividends include the benefit of imputation credits
2.Based on share price at 31 December 2023 $1.08, and rolling 12 months dividends
•Interim dividend of 4.0 cents per share
maintained at FY23 level –above 60%-80%
target range reflecting confidence in the
company’s future
•Attractive gross dividend yield of 10.3%
•Earnings per share: 3.2 cents per share
•Net Tangible Assets per share: $1.16
•Price earnings ratio: 17.2
2
Interim Dividend
Interim Dividend 1H24
cps (net)
4.0
1H24 Dividend Yield (Gross)
1
%
10.3%
Interim Dividend 1H23
cps (net)
4.0
0
5
10
15
FY21FY22FY23FY24
cps
Dividends
Interim (cps)Final (cps)
FY22 Super Cycle
Maintained at
FY23 level
0%
2%
4%
6%
8%
10%
12%
14%
-
2
4
6
8
10
1H212H211H222H221H232H231H24
cps
Gross Dividend Returns
Gross Dividend cpsDividend Yield (Rolling 12 Months)

7
Our Goals
Customer –preferred supplier for
steel solutions and products
Growth–increasevalue through
organic growth and M&A
Shareholder–deliverincreasing
value and returns for our
shareholders
Sustainability–financiallyrewarding
for our shareholders and positive for
our people, our customers and our
communities
Making life easier for customers needing steel solutions
Clear growth strategy in place, building on strong foundations to strengthen the core
and growth in high value productsandservices
Continue to Strengthen the
Core
•Best-in-class customer experience
•Cross sell products and services
•Accelerate shift to digital sales
•Drive gross margin $/tonne
•Operating efficiency
Grow High Value Products and
Services
•High value products, diversified
materials and value-added
services
•Diversify customer segments and
build scale
•Primary focus is on organic
investment and M&A in direct
adjacent sectors

8
PLATE PROCESSING
•Continuing increases
in revenue and Gross
Margin$/tonne
•Earnings momentum
building
•Furthergeographic
expansion in progress
Growth investments focused on added value
32
ALUMINIUM
•Immediately earnings
accretive
•Gross Margin $/tonneis
inline with expectations
•Now one of our highest
margin products
KIWI PIPE AND
FITTINGS
•One of the highest
ROFE businesses
•Revenue and Gross
Margins continue to
grow as products
are integratedinto
our national
distribution network
ROBOS
•February 2024
•Australia and New
Zealand exclusive
supply agreement
•Loan facility
provided with option
to take equity in the
business
Recent organic growth initiativesCompletedM&A
PROJECT STRONG
•Increased warehouse
capacity for high
value, high demand
products
•Enhanced automation
and warehouse
technologies

9
Customer, employee and sustainability update
1.86
1.13
1.14
0.58
0
1
2
3
FY21FY22FY231H24
Employee Satisfaction (eNPS
2
)
Employee Safety Measure (eTRIFR
1
)
Emissions kgCO
2
e per tonne
3
34
40
42
61
0
20
40
60
80
FY21FY22FY231H24
Industry average: 32
1.eTRIFR: Employee Total Recordable Injury Frequency Rate
2.Net Promoter Score (NPS): Measure of customer/employee satisfaction
3.Reporting references the Greenhouse Gas Protocol and includes all material emissions under Scope 1 and 2, with Scope 3, except purchased goods and services
Customer Satisfaction (NPS
2
)
Industry top quartile: 31
•Customer satisfaction remains at high
levels due to focus on best-in-class
customer experience and solutions
•Safety outcomes are positive, remain
focused on zero injury target
•Employee satisfaction well above
industry average -emphasis on safety,
wellbeing and culture
•Gifting of shares to team members as
part of 70th anniversary celebrations
•2023 Forsyth Barr Carbon ESG Report -
overall CESG ranking of 17 out of 58
companies assessed, in top 10 Social
performers
104.0
96.6
102.2
50
70
90
110
FY22FY231H24
tCO2
-
e (000s)
13
29
35
29
0
20
40
Nov-20Dec-21Mar-23Dec-23
eNPSIndustry AvgTop Quartile

10
Financial
Results

11
Group financial summary
•Volumescontinue to be suppressed in a
recessionary environment
•Revenues reflect decreased volumes with some
recoveries in average sell price
•Effectiveproduct mix and margin management
continuing to grow margin $/tonne
•Cost out programme mitigating inflationary
pressure
•Strong cashflows supporting zero debt position;
with net cash of $26.3m
•Interim dividend maintained at FY23 level reflecting
confidence in the company’s future
Delivered solid 1H24
results
* 1H23, 2H23 and 1H24 Normalised EBITDA and Normalised EBIT have been adjusted to exclude non-trading adjustments. Further details included in appendix to this presentation.
$m1H242H231H23
Revenue
261.8 273.8 315.3
Volume (Ktonnes)
62.6 65.9 80.5
GM$/tonne
926850850
EBITDA
21.2 21.4 30.5
Normalised EBITDA*
21.9 21.3 31.6
EBIT
10.2 10.7 20.3
Normalised EBIT*
11.3 10.6 21.5
NPAT
5.3 5.2 11.8
EPS ($)
0.03 0.03 0.07
Net operating cash flow
38.7 57.1 41.1
Dividend (cents per share)
4.0 4.0 4.0
Gross Dividend (cents per share)
5.6 5.6 5.6

12
Successfully repositioned the
business for more challenging
economic cycle while investing
in growth
Group balance sheetsummary
•Continued reduction in inventory
•Disciplined management of working capital
•Strong cashflows supporting strategic initiatives
•No bank debt with $100m facility in place to fund
growth
$m1H242H231H23
Trade and other receivables61.3 79.3 78.9
Inventories128.6 139.2 175.0
Trade and other payables(61.7)(69.4)(62.9)
Working Capital128.2 149.1 191.0
Total Facility
100.0 100.0 100.0
Borrowings
--(40.0)
Available Facility/Undrawn
100.0 100.0 60.0
Cash and cash equivalents26.3 6.5 7.5
Borrowings--(40.0)
Net Cash/(Debt)26.36.5 (32.5)
Net Tangible Assets (NTA) 194.0 194.6 196.0
ROFE (%)7.6%9.9%13.8%

13
Resilient revenue
Driven by strong focus on our customers,
pricing disciplines and growth of high
value products, services and sectors
Limited reduction in volume and revenue compared
to 2H23 despite challenging economy. Continued
customer demand for a comprehensive range of
products.
Results versus 2H23:
•Revenue $261.8m: -4.4%
•Volume 62.6 Ktonnes: -5.1%
0
20
40
60
80
100
0
50
100
150
200
250
300
350
1H222H221H232H231H24
Tonnage (000s)
Sales ($m)
Sales & Volume
VolumeRevenue
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
-
50
100
150
200
250
300
350
1H222H221H232H231H24
Average Selling Price ($/t)
Sales ($m)
Sales & Average Selling Price
Average Selling PriceRevenue

14
•Continued growth in Gross Margin $/tonne
as a result of pricing discipline and cost
control
•Improvement in Gross Margin %
•Strategic focus on higher value products
and services
•Direct cost inflation partially offset through
labour and other cost efficiencies
Gross Margin includes freight, direct and sub-contract labour
Continued growth in Gross
Margin $/tonne
22.8%
21.7%
22.1%
18.0%
20.0%
22.0%
24.0%
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
Gross Margin %
12 Month Rolling Average
778
850
926
600
800
1,000
Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
Gross Margin $/tonne
12 Month Rolling Average

15
Business performance
Resilient performance in a softer market
Distribution –high volume business
•Solid performance despite market conditions
•Benefiting from inventory management, pricing and
supply chain disciplines
•Maintained strong Gross Margin$/tonne
Infrastructure –processing products before sale
•Reinforcing business turn-around driven by margin
and cost management
•Risk reduction –focus on supply-only reinforcing
projects
•Transitioned to projects where capability can be
leveraged; solid pipeline of work from new tenders;
some large projects delayed
*Gross Margin includes freight, direct and sub-contract labour
Distribution1H242H231H23
% of Group revenue
58.5%60.1%60.8%
Revenue ($m)
153.1164.6191.6
Gross Margin*
21.6%19.1%22.6%
Gross Margin $/tonne
880769873
Infrastructure1H242H231H23
% of Group revenue
41.5%39.9%39.2%
Revenue ($m)
108.6109.1123.7
Gross Margin*
23.7%23.2%20.9%
Gross Margin $/tonne
1,0311,009835

16
Normalised operating expenses
Good progress being made on costout programme targeting $5m of operating expense
savings in FY24 to offset inflationary increases
•Ongoing focus on streamlining operational costs
•1H24 normalised operating expenses $0.8m down
on 1H23:
‒Inflationary pressure –wage/salary, the return
to more normalised travel and other costs as
we exit the Covid environment and increasing
IT costs
•Continued efficiencies have resulted in network
leverage and led to a reduction in carbon
emissions
Normalised Opex excludes Project Strong costs of $0.7m and the $0.4m impact of SaaS, as well as non-trading adjustments previously reported, Normalised
Opexexcludes D&A
*Estimated inflation of 5.4% measured as the average movement in CPI between the periods of 1H23 and 1H24

17
Normalised EBIT
Pricing benefits offset by
inflationary pressures
•1H24 Normalised EBIT $11.3m -at top
of guidance
•Focus on higher value products,
ensuring inventory availability
•Improved pricing disciplines,
leveraging analytics and digital
capabilities
NormalisedEBIT has been adjusted to exclude non-trading adjustments.
Further details included in appendix to this presentation.
1H23
2H23
1H24

18
Inventory management
Managing inventory levels carefully to ensure
best use of working capital
•Inventory levels normalised at the end of FY23
•1H24 inventory positions have been reduced in line
with activity and further improvements and
optimisations
•Unit finished product prices remain at elevated levels
•Active stewardship and use of detailed analytical tools
to ensure investments are made in higher margin
products; reducing lower margin products

19
Cashflow
•Cash collections remain high in a
softened operating environment
•Decreased inventory on hand as a result
of careful inventory management and
supply chain normalisation
•Dividends of $6.6m paid during 1H24

20
Capital expenditure
Careful management of funds in current environment
•1H24 capex of $4.4m (1H23: $2.3m, 2H23: $3.9m)
•Priority capital allocation to business improvement /
growth projects (87%) andsupporting digital (13%)
Planned investment for FY24
•Investment in processing equipment and other growth
opportunities
•Continued investment in digital technology
•Strong balance sheet will support capital investment
programme
* FY21 capex hasbeen restated for the impact of a change in accounting policy in relation to the accounting for Software as a Service arrangements (“SaaS”)
**Depreciation and amortisation excludes right-of-use asset depreciation
0
2
4
6
8
10
FY21*FY22FY231H24
$m
Capital Expenditure

21
Moving
Forward

22
Economic drivers
Build share of sales in growth sectors
Demand primarily driven by residential market trends
Strong long-term pipeline driven by climate investments, rebuild following
weather events, and catch up on low investment in prior years
Economic headwinds impacting growth, expected improvement mid-2024
Reduction from peak 2023 levels expected, however strong pipeline
Expected to remain subdued in the short to medium term
Resellers
FY24
FY27
Infrastructure
Residential
Commercial
Manufacturing
Customer First
M&A / Growth Activity
Focus on Costs

23
•New Zealand is facing a massive infrastructure shortage, across
almost every category –water reforms, healthcare
infrastructure, land transport, renewable energy, tourism
infrastructure, climate resilience, weather rebuild
•Investment pipeline larger than agencies and the market can
deliver; number of large mega projects delayed, cancelled or
being reviewed
•New coalition Government is supportive of, and understands
need, for investment; National Infrastructure Agency to be
formed
•Steel is an essential and sustainable building material –in many
cases, steel is the only solution
Steel & Tube
•Leading provider of steel
solutions for horizontal
construction and infrastructure
projects, from windfarms to
roads and bridges to ports
•Experienced in:
oSeismic strengthening,
in ports in particular
e.g. Napier, Nelson Ports
oCoastal climate resilience
oWater –interceptors,
sludge/sewerage treatment
oWindfarm projects
•Preferred partner for a number
of New Zealand’s essential
businesses
e.g. Meridian, KāingaOra
Infrastructure opportunity

24
2H24 outlook
Market outlook
•Economic cycle likely to remain challenging in
near term;expect some easing of macro trends –
interest rates, construction and cost inflation
•Expected increase in Government investment
offset by weaker business and residential
investment
•Significant medium to long term
opportunities; climate resilience, seismic
strengthening, rebuild activity and essential water
services
•Steel pricing volatility has reduced;stabilised
above pre-Covid levels
Well positioned to take advantage of increasing
activity and demand when theeconomy
recovers
•Healthy pipeline of infrastructure and commercial
projects; manufacturing remains subdued
•Strong balance sheet and cashflowsto support
growth initiatives; focus remains on Gross Margin
$/tonne and actively managing costs with $5m
cost out programme well underway
•Business growth to continue through organic
expansion and M&A

Steel & Tube: Delivering strong and sustainable value
•Attractive dividend policy and yield
•Balance sheet strength with headroom for growth investment
•Growth strategy delivering increasing returns
•Leading supplier in the New Zealand market
•Investment in technology and analytics driving operational efficiency,
business insights and customer service
•Clear forward strategy with potential for growth and expansion
•Experienced board and leadership team
25

Discussion

27
Non-GAAP financial information
Non-GAAP financial information: Steel & Tube uses several non-GAAP
measures when discussing financial performance. These include
Normalised EBITDA, Normalised EBIT and Working Capital. Management
believes that these measures provide useful information on the underlying
performance of Steel & Tube’s business. They may be used internally to
evaluate performance, analyse trends and allocate resources. Non-GAAP
financial measures should not be viewed in isolation nor considered as a
substitute for measures reported in accordance with NZ IFRS.
Non-trading adjustments/Unusual transactions: The financial results for
1H24 include transactions considered to be non-trading in either their
nature or size. Unusual transactions can be as a result of specific events or
circumstances or major acquisitions, disposals or divestments that are not
expected to occur frequently. Excluding these transactions from
normalised earnings can assist users in forming a view of the underlying
performance of the group. The above reconciliation is intended to assist
readers to understand how the earnings reported in the periods ended 31
December 2023, 30 June 2023 and 31 December 2022 reconcile to
normalised earnings. Non-trading adjustments of $(1.1) million are
included in the 1H24 EBIT. Non-trading adjustments of $(0.7) million are
included in the 1H24 EBITDA.
Period ended 31 DecemberEBITDAEBIT
$000s1H242H231H231H242H231H23
Reported 21,172 21,394 30,482 10,17210,66520,344
Project Strong costs319 --729 --
Loss on de-recognition of finance lease receivable-(53)181 -(53)181
NZ IFRS 16 reversal of impairment-(64)(113)-(64)(113)
Software as a Service (SaaS) upfront expenditure381 41 1,068 381 41 1,068
Normalised21,872 21,318 31,618 11,28210,58921,480

28
Glossary of terms
EBIT: Earnings / (Loss) before the deduction of interest and
tax. This is calculated as profit for the period before net
interest costs and tax
EBITDA: Earnings / (Loss) before the deduction of interest,
tax, depreciation and amortisation. This is calculated as
profit for the period before net interest costs, tax,
depreciation and amortisation
ROFE:Return on Funds Employed. This is calculated as
Normalised EBIT over Average Funds Employed (Net Debt
(including Lease Liability) + Equity)
eNPS: Employee Net Promoter Score –assists in measuring
employee satisfaction and loyalty within the organisation
NPS: Net Promoter Score –assists in measuring customer
satisfaction and loyalty
Normalised EBIT/EBITDA: This means EBIT and EBITDA
excluding non-trading adjustments and unusual
transactions
eTRIFR: Employee Total Recordable Injury Frequency Rate
–an important metric to assess safety performance
Working Capital: This means the net position after
Current Liabilities are deducted from Current Assets.
The major individual components of Working Capital for
the group are Inventories, Trade and other receivables and
Trade and other payables. How the group manages these
has an impact on operating cash flow and borrowings

29
•This presentation has been prepared by Steel & Tube Holdings
Limited (“STU”).The information in this presentation is of a general
nature only. It is not a complete description of STU.
•This presentation is not a recommendation or offer of financial
products for subscription, purchase or sale, or an invitation or
solicitation for such offers.
•This presentation is not intended as investment, financial or
other advice and must not be relied on by any prospective
investor.It does not take into account any particular prospective
investor’s objectives, financial situation, circumstances or needs, and
does not purport to contain all the information that a prospective
investor may require. Any person who is considering an investment
in STU securities should obtain independent professional advice prior
to making an investment decision, and should make any investment
decision having regard to that person’s own objectives, financial
situation, circumstances and needs.
•Past performance information contained in this presentation
should not be relied upon (and is not) an indication of future
performance.This presentation may also contain forward looking
statements with respect to the financial condition, results of
operations and business, and business strategy of STU. Information
about the future, by its nature, involves inherent risks and
uncertainties. Accordingly, nothing in this presentation is a promise
or representation as to the future or a promise or representation
that an transaction or outcome referred to in this presentation will
proceed or occur on the basis described in this presentation.
Statements or assumptions in this presentation as to future matters
may prove to be incorrect.
•A number of financial measures are used in this presentation and
should not be considered in isolation from, or as a substitute for,
the information provided in STU’s financial statements available at
www.steelandtube.co.nz.
•STU and its related companies and their respective directors,
employees and representatives make no representation or warranty
of any nature (including as to accuracy or completeness) in respect
of this presentation and will have no liability (including for
negligence) for any errors in or omissions from, or for any loss
(whether foreseeable or not) arising in connection with the use
of or reliance on, information in this presentation.
Disclaimer

---

Company Announcement
20 February 2024







Steel & Tube Holdings Limited, PO Box 58880, Botany, Auckland 2163, New Zealand
P +64 4 570 5000 www.steelandtube.co.nz
Steel & Tube 1H24 Interim Results

Solid result in a more challenging trading environment

Steel & Tube Holdings Limited (NZX: STU) has reported its unaudited results for the six months to 31 December
2023, with Normalised EBIT of $11.3m, above the top end of guidance, a further reduction in inventory and a positive
cash position with no bank debt.

$m 1H24 2H23 1H23
Revenue 261.8 273.8 315.3
EBITDA 21.2 21.4 30.5
Normalised EBITDA
1
21.9 21.3 31.6
EBIT 10.2 10.7 20.3
Normalised EBIT
1
11.3 10.6 21.5
NPAT 5.3 5.2 11.8
Net Operating Cashflow 38.7 57.1 41.1
Dividends (cents per share) 4.0 4.0 4.0

Chief Executive, Mark Malpass, said the result demonstrates Steel & Tube’s resilience and agility through the
economic cycle.

“We have continued our focus on ‘controlling the controllables’ while providing high levels of customer service. The
$5m cost out programme is progressing well and offsetting inflationary pressures with costs below prior year.
Pleasingly, we have seen market share growth in key categories, and we continue to generate strong margins with
gross margin $/tonne increasing above prior year. Strategic investments into high value products and services and
acquisitions continue to perform strongly.

“With a strong balance sheet and proven dual pathway strategy, Steel & Tube is well positioned to take advantage of
increasing activity and demand when the economy recovers. Steel & Tube has significant experience and expertise
in many areas identified as priorities by the new Government including transport infrastructure, renewable energy,
water and climate resilience. We will continue to focus on both organic and acquisition growth with multiple
opportunities currently being assessed.”

1H24 Financial Performance

Subdued volumes were seen across all sectors with economic headwinds continuing the trends seen in 2H23.
Volumes were down 5.1% on 2H23, with revenue down a corresponding 4.4% to $261.8m. Gross margin $/tonne
continued to improve as a result of pricing disciplines and cost control, increasing to $926 per tonne compared to
$850/tonne in the pcp.

Normalised EBIT of $11.3m was an improvement on 2H23 and at the top end of guidance.

1
Normalised EBITDA and Normalised EBIT have been adjusted to exclude non-trading adjustments. Further details included in appendix to
the Results Presentation.

The company also achieved a further reduction in inventory down to $128.6m, from $139.2m at 30 June 2023. Steel
& Tube ended the half year with no bank debt and a positive cash balance of $26.3m, representing a ~$20m
improvement on 30 June 2023. In addition, the company has an undrawn $100m bank facility in place to support
growth.

The Board is pleased to declare a 1H24 fully imputed dividend of 4 cents per share. This has been maintained at the
1H23 level, reflecting the Board’s confidence in the company’s performance and outlook.

Outlook

Economic conditions are expected to remain challenging in the short term with some easing of macro trends
supporting increased activity from Q4 FY24. Steel & Tube is well positioned to leverage the increase in demand from
both the private and public sectors. Growth remains a key focus, both through organic expansion and acquisition.

Chair of Steel & Tube, Susan Paterson, commented: “Steel is an essential construction material and, in many cases,
the only viable solution. There has been underinvestment in New Zealand’s infrastructure for many years and we
look forward to the new coalition Government confirming its long term investment plan. We have significant
experience and expertise in areas of climate resilience, seismic strengthening, rebuild activity and essential water
services, and look forward to contributing to New Zealand’s future.”

ENDS

For media or investor enquiries, please contact: Jackie Ellis Tel: +64 27 246 2505 or
email: jackie@ellisandco.co.nz

For further information please contact:
Mark Malpass
Steel & Tube CEO
Tel: +64 27 777 0327
Email: mark.malpass@steelandtube.co.nz
Richard Smyth
Steel & Tube CFO
Tel: +64 21 646 822
Email: richard.smyth@steelandtube.co.nz