Steel & Tube - Climate Statement - FY24

Company Announcement
30 October 2024







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

Steel & Tube Climate Statement FY24

Steel & Tube Holdings Limited (NZX: STU) has published its Climate Related Disclosures for the financial year
ended 30 June 2024, as attached. This is available on the company website at:
www.steelandtube.co.nz/sustainability#disclosures
.

This report reflects the first disclosures prepared in accordance with the Aotearoa New Zealand Climate
Standards. The report seeks to provide stakeholders with an understanding of the potential implications of
climate change on Steel & Tube’s business, and the actions that it is taking to identify and manage climate-
related risks and opportunities.

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

---

STEEL & TUBE HOLDINGS LIMITED
2024
C L I M AT E
R E L AT E D
DISCLOSURES

2
Steel&Tube Climate-related Disclosures
Introduction
Steel & Tube offers one of New Zealand’s most comprehensive
ranges of steel products, services, and solutions. Steel & Tube’s
group activities involve processing and distributing steel and
metal products. Our purpose is to make life easier for our
customers. We aim to maximise the role of steel in fostering
a sustainable, low-emission society, while simultaneously
expanding our business and delivering value to our
shareholders.
Steel & Tube has a dual pathway strategy; building a diversified
and resilient business (Continue to Strengthen the Core)
while capitalising on new avenues of growth (Grow High
Value Products and Services). Strengthening the core involves
building on the strong business foundation we have established,
to deliver best-in-class customer experiences, operational
efficiency, and a strong financial performance. We will grow
our business by expanding our offering and investing in new
products and services that provide high value to our customers.
Steel & Tube considers sustainability and emissions before
acquiring new businesses or introducing new products and
services.
Steel & Tube is strategically positioning itself to adapt to a future
of low emissions by working to reduce our direct emissions
and understand the impact of our products, and how we
can reduce our product carbon footprint. We support New
Zealand’s goal of achieving net-zero emissions by 2050. In 2022
we joined the Sustainable Business Council, and in 2024 our
Group Sustainability Manager became a board member of the
Sustainable Steel Council, further solidifying our commitment
to minimising our environmental footprint through active
collaboration with industry peers.
Transitioning to a low-emission economy presents both
opportunities and challenges and we acknowledge that climate
change could significantly alter our core business operations
and activities. Steel is an infinitely recyclable material, and with
the upcoming installation of New Zealand Steel’s Electric Arc
Furnace, our product will only increase its circularity in the
coming years. Our work over the last two years to conduct
scenario analysis and identify key climate risks and opportunities
has laid the groundwork for developing our climate change
strategy and transition plan that will continue to evolve in the
years to come. In FY24, we completed the second phase of
our climate risk assessment, and over FY25 we are working to
embed transition planning into our business.
Due to uncertain technological changes, economic factors and
environmental changes, our strategies are subject to change.
Steel & Tube cautions reliance on forward-looking statements
that are necessarily less reliable than other statements. Steel &
Tube gives no representation, warranty, or assurance that actual
outcomes or performance will be consistent with statements
made in this report. We do not accept any liability whatsoever
for any loss arising directly or indirectly from any use of the
information contained in this report. Nothing in this report
constitutes financial, legal, tax or strategic growth guidance
or advice.

Susan Paterson
Chair
John Beveridge
Director
29th October 2024

3
Steel&Tube Climate-related Disclosures
Statement of Compliance
Steel & Tube is a climate-reporting entity under the Financial
Markets Conduct Act 2013. These climate-related disclosures
comply with the Aotearoa New Zealand Climate Standards
(NZ CS 1, 2 and 3) issued by the External Reporting Board (XRB).
This report contains Steel & Tube’s first climate statement in
accordance with the Aotearoa New Zealand Climate Standards
and covers the financial year 1 July 2023 to 30 June 2024.
All figures and commentary relate to the full year ended
30 June 2024, unless otherwise indicated.
Steel & Tube has chosen to use the first-time adoption
provisions set out in NZ CS 2 as follows:
+
Adoption provision 1: Current financial impacts
Provides an exemption for an entity from disclosing in its
first reporting period the financial costs of (a) the physical
impact of climate change, and (b) the transition to a low
carbon economy.
+
Adoption provision 2: Anticipated financial impacts
Provides an exemption for an entity from disclosing in its
first reporting period the anticipated financial impacts
of climate-related risks and opportunities it reasonably
expects.
+
Adoption provision 3: Transition planning
Exempts an entity from disclosing in its first reporting
period the transition plan aspects of its strategy and the
extent to which these are aligned with its internal capital
deployment and funding decision-making processes.
+
Adoption provision 4: Scope 3 GHG emissions
Exempts an entity from disclosing in its first reporting
period greenhouse gas (“GHG”) emissions in metric
tonnes of carbon dioxide equivalent classified as Scope 3.
+
Adoption provision 5: Comparatives for Scope 3 GHG
emissions
Allows an entity to not disclose comparatives for the
previous two reporting periods.
+
Adoption Provision 7: Analysis of trends
Provides an exemption to entities from disclosing an
analysis of main trends evident from a comparison of each
metric from previous reporting periods to the current
reporting period.
Transition planning
During FY25, work has commenced on our transition plan.
This plan will be based on the findings from the climate risk
assessment and scenario analysis detailed in the following
pages.

4
Steel&Tube Climate-related Disclosures
Governance
Board Oversight
Steel & Tube’s board of directors has overall responsibility
and oversight for Steel & Tube’s strategy, which includes
addressing climate-related risks and opportunities. The board
is supported in this by Steel & Tube’s Audit & Risk Committee.
Steel & Tube’s directors are responsible for their ongoing
education and staying informed about climate-related issues.
The board utilises climate-related expertise from within Steel
& Tube, and externally when required. From FY25, the board
has delegated oversight of climate risks, opportunities and
reporting to the Audit & Risk Committee. The board retains
overall responsibility for climate strategy. The board also
relies on management to keep them informed of changes and
developments on climate change issues and sustainability.
The board is responsible for the oversight of climate-related
disclosures.
Sustainability and climate performance are standing topics for
discussion at board meetings, with key updates reported at six
board meetings in FY24 and is also a key matter for discussion
at the annual board strategy day.
Steel & Tube has been measuring performance on internal
Environmental, Social and Governance (ESG) metrics and
targets since 2022 after its first materiality assessment. These
metrics and targets were approved by the board and cover
a range of performance indicators including GHG emissions.
Performance across these internal ESG metrics and targets are
reviewed by the board on a quarterly basis. Climate-related
performance is not currently incorporated into renumeration
policies.
Management’s Role
The board delegates climate-related responsibilities to various
management-level positions and oversight groups. The Chief
Executive Officer (CEO) leads the management and delivery
of the company’s strategy, and delegates management of
sustainability and climate-related matters to the Chief Financial
Officer (CFO) and Group Sustainability Manager. Steel &
Tube’s Group Sustainability Manager reports to the CFO and
works across the group to ensure the implementation of
decarbonisation projects and other strategic sustainability
initiatives.
The Group Sustainability Manager chairs Steel & Tube’s
Climate Risk Steering Group and provides sustainability
recommendations and updates to the board at least six times
a year. The Climate Risk Steering Group, which comprises of
senior leaders, leads an annual review of climate-related risks
and opportunities and recommendations are made to the
board. Using these various sources of information, the board
is enabled to make informed decisions and guide the company
towards sustainable practices.
The Sustainability Manager meets monthly with the CEO
and CFO to discuss sustainability initiatives in progress,
performance on Scope 1, 2 and 3 emissions and any
developments in identified climate-related risks and
opportunities. The Sustainability Manager also attends the
Health, Safety & Sustainability Engagement meetings held
every six weeks and involving site managers, operations
managers and area managers across the company. The
Sustainability Manager reports relevant insights and feedback
from these meetings up to the CEO and CFO.
Board
• Oversees Steel & Tube’s strategy, which includes climate-
related risks and opportunities, and monitors overall
performance against climate metrics and targets
Management
• CEO is responsible for leading, managing and delivering on
Steel & Tube’s strategy, including its sustainability strategy
• The Climate Risk Steering Group is chaired by the Group
Sustainability Manager, and reports to and informs the CEO
and board of climate-related risks and opportunities
Group
• Group Sustainability Manager ensures there is appropriate
visibility and ownership/operational management of
climate-related risks and opportunities, including engaging
and consulting with the business to drive decarbonisation
initiatives
• Group Financial Controller oversees financial impacts of
climate-related risks and opportunities

5
Steel&Tube Climate-related Disclosures
Strategy
Current Impacts
Steel & Tube has analysed how our business is currently
impacted by physical and transition aspects of climate change.
The main impacts are from weather events disrupting our
business activities and those of our customers, and a potential
shift in demand towards materials with lower embodied
carbon.
Physical Impacts
In early 2023, Steel & Tube witnessed first hand the
susceptibility of New Zealand to severe weather conditions,
with the flooding in Auckland and Northland, and the impact
of Cyclone Gabrielle across much of the North Island, in
particular the Hawkes Bay. These physical climate-related
events caused extensive damage to infrastructure and supply
chains. Economic repercussions included disaster recovery
costs and lost productivity. These repercussions were felt
strongly by many businesses in the upper North Island
and, to a lesser extent, the rest of New Zealand. Despite
these challenges, Steel & Tube experienced only minor
disruptions to its operations. The company was able to extend
support to its employees and customers affected by these
extreme weather events. We have continued to strengthen
our business continuity planning in FY24, which includes
emergency responses for each site for different civil defense
scenarios.
Transition Impacts
Steel & Tube is one of New Zealand’s leading distributors
and processors of steel, metal and related products and our
customers range from food and dairy processors, engineers
and fabricators to manufacturers, builders and construction
companies. We are aware that customers within these
segments either currently have or are beginning to develop
embodied carbon targets for their projects (e.g. Green Star
Building requirements). In other cases, end-user demands
are driving requests for products that meet low-carbon
specifications. A growing awareness of the impact of emissions
and desire to reduce embodied carbon in the building sector
in particular has created a shift in demand towards materials
with lower embodied carbon. This trend could potentially lead
to a loss of customers, revenue and, to a lesser extent, market
share for Steel & Tube if we do not have the correct mix of
product offering that meets low-carbon requirements.
Sustainability features as one of Steel & Tube’s four strategic goals; to deliver positive outcomes for
our business, our people, our communities, and our planet. In alignment to this goal, over FY23 and
FY24, Steel & Tube has undertaken a two-phased climate risk assessment, conducted scenario analysis,
and taken steps towards developing a transition plan. A description of the climate risk assessment and
scenario analysis work undertaken is provided in the “Approach to scenario analysis section” on page 6.

6
Steel&Tube Climate-related Disclosures
Approach to Scenario Analysis
Over the course of 2023 and 2024, Steel & Tube engaged Deloitte to assist with conducting a
climate risk assessment and scenario analysis workshops to build our scenario narratives.
The initial output was the development of our climate scenario architecture, agreement on the
strategic time horizons for testing our exposure to climate risks and hazards and a climate risk &
opportunities register, containing our identified and rated physical and transition risks.
We chose the Network for Greening the Financial System (NGFS) scenarios for our analysis
primarily due to the availability of regional or country-specific data for New Zealand, and
the inclusion of temperature pathways necessary for compliance with NZ CS 1. The scenario
architecture and narratives were developed internally, adopting NGFS narratives for Net Zero
2050, Delayed Transition, and Hothouse - Current Policies. Additionally, we incorporated a
broader set of climate scenarios from the SSP (Shared Socioeconomic Pathway) Scenarios, the
Intergovernmental Panel on Climate Change (IPCC) and qualitative descriptions, population
demographics and socio-economic assumptions.
The time horizons for these scenarios were determined on the basis of Steel & Tube’s asset and
product design life, its asset management regime, and its longer-term business strategy. The
warming scenarios and time horizons adopted by Steel & Tube provide a means of stress testing
the exposure and vulnerability of Steel & Tube’s assets, operations and people to the effects of
climate change over time and under different scenarios.
Risk and Scenario Time Horizons
Steel & Tube’s Climate Scenarios
Short-termPresent day to 2030Orderly – Net Zero by 2050 (1.4°C)
Medium-term2030 to 2050Disorderly – Delayed Transition (1.6°C)
Long-term2050 to 2100Hothouse – Current Policies (3°C+)
Steel & Tube conducted its scenario analysis as a standalone process, and we have not
undertaken any modelling. An explanation of the sources of data is provided in the Appendix 1.
A staged approach was taken to develop board knowledge and understanding, with full board
engagement during the introduction of climate-related disclosures. This culminated in board
approval of the climate risk assessments and scenario narratives.
The Climate Risk Steering Committee participated in a scenario analysis workshop to define
“how climate change could plausibly affect our business model and strategy, what should we
do and when”. This information was then used by the group to identify our driving forces, using
the STEEP analysis (social, technological, economic, environmental, and political categories) as
provided by the XRB Staff Guidance on Entity Scenario Development. The output of the analysis
for each climate scenario was consolidated and scenario narratives were drafted.

7
Steel&Tube Climate-related Disclosures
Our Climate Scenario Architecture
OrderlyDisorderlyHothouse
IPCC SSP SSP 1 – 1.9, 1.4°CSSP 1 – 2.6, 1.8°CSSP 5 – 8.5, 4.4°C
NIWA RCPRC P 1.9RCP 2.6RCP 8.5
NFGS
Scenarios
Orderly – Net Zero by 2050
Global Warming limited to 1.5°C by the end of 2100
Disorderly – Delayed Transition
Global warming limited to 2°C by the end of 2100
Hothouse – Current Policies
Global warming reaches 3°C of warming by the end of 2100
Policy Ambition1.4°C1.6°C3 °C+
Policy ReactionImmediate and smoothDelayedNone – current policies
Technology ChangeFast changeSlow/fast changeSlow change
CDR (carbon dioxide
removal)
Medium-high useLow-medium useLow use
Regional Policy VariationMedium variationHigh variationLow variation
Shor t-term
(Present day – 2030)
Early implementation of climate change regulation and
policies. Clear market signals encourage steel makers to
drive enhanced resilience through strategic products,
competitive pricing and strict screening.
Physical Risks: Low
Transition Risks: High
Delayed implementation of policies and mixed market
signals make it difficult for steel makers to meet
demands and needs. Increased exposure to reputation
damage.
Physical Risks: Low
Transition Risks: Low
Current policies – limited ambition. Limited to no
investment in infrastructure resilience and extreme
exposure to climate impacts results in credit and liquidity
risk.
Physical Risks: Low
Transition Risks: Low
Medium-term
(2030 – 2050)
Ambitious decarbonisation goals and policies are
introduced immediately, and emissions decline rapidly
and steadily to achieve net zero by 2050.
Physical Risks: Low
Transition Risks: Medium
Significant decarbonisation is delayed until the mid-
2030s. There is a high transition risk as New Zealand
rushes to meet net zero by 2050 goals and moderate
physical risk exposure due to delayed action.
Physical Risks: Medium
Transition Risks: High
No additional policies are introduced to curb emissions,
and emissions continue to rise. Warming reaching >3°C.
There are limited transition risks but extreme physical
climate risks.
Physical Risks: High
Transition Risks: Low
Long-term
(2050 -2100)
Net zero achieved. Relatively low weather impacts.
Physical Risks: Low
Transition Risks: Low
Extended period of policies due to delayed/disorderly
transition.
Higher impacts felt.
Physical Risks: Medium
Transition Risks: Low
Impacts are creating large GDP destruction. Still no
policies.
Physical Risks: High
Transition Risks: Low

8
Steel&Tube Climate-related Disclosures
Description of Scenario Narratives
The following section provides a summarised overview of the three scenario narratives developed and utilised by Steel & Tube in FY24. These narratives aim to illustrate the critical
uncertainties and assumptions regarding how Steel & Tube’s operating context might evolve over time under various potential futures. Although they are shaped by a scenario architecture
that makes specific assumptions about how context evolves over time, they remain qualitative and exploratory in nature. Climate scenarios are not predictive, nor are they forecasts or
representations of preferred options.
Orderly
In response to increasing global pressure to combat climate
change, the global community attempts to meet its obligations
under the Paris Agreement by implementing stringent policies
mandating the use of sustainable materials in construction.
These policies prioritise materials with lower carbon
footprints, pushing the construction industry to adopt greener
alternatives. Steel & Tube must navigate these regulations
while maintaining competitiveness. Public awareness and
concern about climate change has surged, influencing
customer preferences. Consumers and businesses alike are
demanding more sustainable products, with rapid investigation
and research conducted for alternative materials and low
emission methods for producing steel. Steel, traditionally
seen as a high-carbon material, faces scrutiny not only from
the construction market, but also from the new potential
workforce who factor in environmental impact in their choice
of employment. Although the higher carbon content of steel
has a negative perception, there is also growing recognition of
the durability and circularity of steel, presenting an opportunity
for Steel & Tube to reposition its products. The economic
landscape is shaped by fluctuating access to finance, driven
by banks and insurance companies prioritising sustainable
investments. Financial entities restrict access to funding unless
high-emitting companies have a verifiable transition plan.
Companies with strong environmental credentials find it easier
to secure funding. Additionally, technological advancements
in alternative materials like wood and synthetics are increasing,
posing both a threat and an opportunity for Steel & Tube.
Disorderly
The political landscape is chaotic, with inconsistent and
rapidly changing policies. Governments are struggling to
balance economic growth with climate commitments, leading
to unpredictable regulations. Steel & Tube faces a volatile
environment where sudden policy shifts can disrupt operations
and strategic planning. Public opinion is fragmented. While
a significant portion of the population demands immediate
and drastic action on climate change, others are resistant due
to economic concerns. This division creates a challenging
market where customer preferences are highly variable and
difficult to predict. Steel is often criticised for its embodied
carbon, but its durability and recyclability still hold appeal for
certain segments. Increased weather events demonstrate
the durability and reliability of steel products, but a disruptive
supply chain causes issues for procurement. The economic
environment is unstable, characterised by fluctuating access
to finance and insurance. Banks and insurance companies are
increasingly wary of high-carbon industries, leading to sporadic
and unpredictable financing conditions and excessive delays
due to fluctuating lending criteria. Technological advancements
in alternative materials are progressing unevenly, creating both
opportunities and threats for Steel & Tube.
Hothouse
In this scenario, global efforts to mitigate climate change
have largely failed, leading to severe and frequent climate
impacts. Governments are overwhelmed by the immediate
need to address climate disasters, resulting in reactive and
fragmented policies. Steel & Tube must navigate a landscape
where regulations are inconsistent and often focused on short-
term crisis management rather than long-term sustainability.
Society is experiencing significant stress due to the impacts of
climate change. Public opinion is polarised; while some demand
urgent action, others are more concerned with economic
survival. Customer preferences are shifting rapidly, with a
growing demand for materials that can withstand extreme
weather conditions. Steel, known for its strength and durability,
is increasingly valued, but its environmental impact remains
a concern. The economic environment is highly unstable,
characterised by frequent disruptions due to climate-related
events. Access to finance is erratic, with banks and insurance
companies becoming increasingly risk-averse. Technological
advancements in alternative materials are slow and uneven, as
resources are diverted to immediate climate response efforts.
Steel & Tube faces a challenging market where adaptability and
resilience are key.

9
Steel&Tube Climate-related Disclosures
Climate-related Risks and Opportunities
Steel & Tube has identified a number of anticipated climate-related risks and opportunities over defined time horizons. The tables below outline the material climate-related risks and
opportunities that Steel & Tube has identified together with their anticipated impacts.
The timeframes identified below over which we estimate that risks or opportunities could eventuate are not currently linked to our strategic planning timelines or capital deployment plans.
However, climate-related risks and opportunities are considered in this section covering decisions on significant capital expenditure and potential acquisitions.
DescriptionTimeframeAnticipated Impacts
Physical Risk:
Business disruption from extreme weather
Extreme weather events could result in damage to assets,
business interruption and operational delays. These weather
events may also impact on customer projects with delays and
reduced demand for steel
Short-term
Medium-term
Long-term
Increased extreme weather events could:
• Cause damage to buildings and worksites
• Close or damage transportation routes necessary for our people to come to work, and to deliver and receive goods
• Disrupt supply chains nationwide, with associated costs
• Reduce revenue due to an inability to deliver customer orders
• Cause customers to pause or delay projects, resulting in decreased demand for Steel & Tube’s products
• Increase the cost of insurance, repairs, maintenance and asset replacement
• Increase capital expenditure to upgrade properties to a climate-resilient standard
Physical Opportunity:
Increased demand for steel as a resilient construction
material
Steel is a highly resilient, strong and sustainable construction
material and offers a number of advantages in a future where
climate change and extreme weather events are more likely
Short-term
Medium-term
Long-term
• Increased demand for steel in new build and rebuild projects, particularly for essential infrastructure, coastal
protection and port rebuilds
• Increased demand for building products, such as roofing, that are corrosion resistant

10
Steel&Tube Climate-related Disclosures
DescriptionTimeframeAnticipated Impacts
Transition Risk & Opportunity:
Growing customer preference for building products with
lower embodied carbon
Steel has relatively higher embodied carbon than other
building products. New technologies to decarbonise steel are
still in very early stages
Short-term
Medium-term
Long-term
• Customers seeking to meet embodied carbon targets and requirements, turning to alternative building products
• Short/medium term - global investment in low-emissions steel production, as mills invest in Electric Arc Furnaces
and R&D for low embodied carbon steel production
Transition Opportunity:
Decarbonisation of the energy sector
Transition away from fossil fuel energy sources such as coal to
more sustainable energy for example solar and wind
Short-term
Medium-term
• Increased demand for steel as an essential component in the construction of alternative energy projects
• Decarbonisation of the energy sector creates demand for steel products for i.e. wind turbines, steel ground
mounted solar arrays
Transition Risk:
Increased regulation and compliance
Introduction of new climate-related regulation or policies
that affect customer projects and/or the company and/or
directors
Short-term
Medium-term
Associated risks include:
• Potential fines and litigation for directors due to failure to comply with climate-related disclosures
• Perceived greenwash resulting in litigation
• Reduced demand for steel due to low embodied carbon policies in construction projects
Transition Risk:
Global supply chain disruption
Increasing geopolitical tensions, supply and demand
disruption, and carbon border adjustment mechanisms
Short-term
Medium-term
Steel & Tube sources 50-60% of its products from global steel mills. Global supply chain disruption could:
• Reduce access to offshore steel mills and product
• Increase the cost of accessing steel globally
• Lead to lost sales where stock is unavailable
• Increased costs associated with international freighting

11
Steel&Tube Climate-related Disclosures
Risk Management
Steel & Tube has undertaken a stand-alone climate risk assessment to identify, assess, and manage
climate-related risks. This end-to-end risk assessment process involved several key steps.
A series of workshops were held to establish the scope and boundary of the climate change risk
assessment, and included Steel & Tube’s Climate Risk Steering Group consisting of members of
the Senior Leadership Team (SLT) and key internal subject matter experts. This group identified
and rated Steel & Tube’s climate risks and assessed and validated the results.
The climate risk assessment took into consideration the methodology provided by the
Ministry for Environment’s National Climate Change Risk Assessment Framework, which
offers a structured approach to identifying and assessing climate change risks at a national
level. The company also referred to ISO 14091-2021, a standard that provides guidelines for
assessing physical risks and opportunities associated with climate change. Additionally, Steel
& Tube utilised the methodology for identifying and rating transition risks and opportunities
that is recommended by the Task Force on Climate-related Financial Disclosures (TCFD). This
comprehensive approach ensured a robust and thorough climate risk assessment, aligning with
international best practices and standards.
Risks are assessed over timeframes that are in line with our scenario time horizons (present day
to 2030 for short term, 2030 – 2050 for medium term and 2050 – 2100 for long term).
The scope of our climate risk assessment encompassed all aspects of Steel & Tube, its subsidiaries,
our suppliers, upstream transportation, and one step down the supply chain to our direct
customers. No parts of our value chain are excluded from this assessment.
At a minimum, a comprehensive climate risk assessment will be carried out every three years.
Annually, a list of top risks and opportunities will be reviewed by the SLT and presented to the
board to determine if further action is necessary.

12
Steel&Tube Climate-related Disclosures
Metrics and Targets
Metric Categories
Metrics and targets are used to quantitatively measure an organisation’s sustainability
performance.
+
Scope 1 emissions we directly control. For Steel & Tube, this includes vehicle fuel and
stationery combustion
+
Scope 2 purchased electricity from the grid
As previously noted, Steel & Tube has opted to use NZ CS 2 Adoption provision 4, providing
an exemption from disclosing our Scope 3 emissions in FY24. Although we have historically
reported some of our Scope 3 emissions, previously this has been based on incomplete data.
A full description of our GHG emissions methods, assumptions and estimation uncertainty are
included in Appendix 2.
Table of Emissions
All figures are in tCO2e (Tonnes of Carbon Dioxide Equivalent). Our baseline year for GHG
emissions is 2023.
Emissions CategoryFY22FY23FY24
Total Scope 1 & 21,857 1,886 1,702
Scope 11,239 1,523 1,393
Stationery Combustion10 9 8
Vehicle Fleet1,229 1,514 1,385
Scope 2618363309
Electricity Consumption618363309
Our reported FY22 and FY23 Scope 1 and 2 emissions published in August 2023 were measured
in accordance with the Ministry for the Environment’s Measuring Emissions: A Guide for
Organisations: 2022. We have since applied each version of the MFE Emission Factor books to
our corresponding financial year (eg. FY22 emissions apply MFE 2022 Emission Factors, FY23
emissions apply MFE 2023 Emission Factors and FY24 emissions apply MFE 2024 emission factors).
Explanatory Comments
Scope 1: In May 2024, Steel & Tube acquired 20 trucks and 8 trailers, and as a result emissions that
were previously accounted as Scope 3 Category C9 (Downstream Transportation and Distribution)
are now accounted as Scope 1 – Vehicle Fleet.
Scope 2: The emission factor for Scope 2 electricity consumption in FY23 and FY24 was significantly
lower than the FY22 emission factor, this has resulted in a reduction in the tCO2e amount when
comparing FY23 and FY24 to FY22.
GHG Emissions Intensity
Steel & Tube measures Scope 1 & 2 emissions intensity by tonnes sold (kgCO2e per tonne sold).
Emissions Intensity – Tonnes SoldFY22FY23FY24
Scope 1 & 211.0812.7714.74
Additional Metric Categories
Our work to assess the amount or extent of assets or business activities vulnerable to climate-
related risks (and aligned to opportunities), including the methodology and metrics to quantify,
is ongoing and is not included in this first year of reporting.
Steel & Tube does not currently apply an internal carbon emissions price. Steel & Tube is
currently determining how climate-related risks and opportunities serve as an input to its
internal capital deployment and funding decision-making processes.
Ta r g e t s
Steel & Tube has not currently set any climate-related targets, but we are working towards
developing meaningful targets over FY25 as we continue to investigate appropriate metrics that
are industry specific and a transition plan to support our ambitions to achieve any targets.

13
Steel&Tube Climate-related Disclosures
Appendix 1: Scenario Analysis and Climate Risk
Assessment Methodologies
Overview of Scenario Analysis
Scenario analysis is a process for identifying and assessing the potential implications of a range
of plausible future states under conditions of uncertainty. Scenarios are hypothetical constructs
and not designed to deliver precise outcomes or forecasts. Instead, scenarios provide a way
for organisations to consider how the future might look if certain trends continue or certain
conditions are met (TCFD Guidance, 2017).
Steel & Tube’s Climate Risk Assessment (CRA) analysis provides insight into plausible future risk
profiles in terms of Steel & Tube’s exposure and vulnerability to the effects of climate change,
and how these evolve over time and under different global warming scenarios.
Our operational boundary for our scenario analysis and CRA was determined to be two tiers
upstream (i.e. to the steel mill) and one tier downstream (i.e. the direct customer) of our value
chain.
Methodology
For the purposes of our CRA, we adopted the shared socioeconomic scenarios (SSP) provided by
the Intergovernmental Panel on Climate Change Sixth Assessment Report (IPCC AR6) to assess
Steel & Tube’s evolving risk profile.
The SSPs build upon the Representative Concentration Pathways (RCPs) from the IPCC Fifth
Assessment Report (IPCC AR5). We use the RCP scenarios (that are aligned to the SSP scenarios)
from the IPCC AR5 for climate metrics that had not yet been developed within the IPCC AR6
models.
For the purpose of assessing Steel & Tube’s transition risks, we have referenced the scenarios provided by the Network for Greening the Financial system, which include the Orderly,
Disorderly and Hot House World as described below:
Orderly Net Zero by 2050
An ambitious scenario that limits global warming to 1.5°C
through stringent climate policies and innovation, reaching net
zero CO2 emissions around 2050. Some jurisdictions such as
the US, EU and Japan reach net zero for all greenhouse gases
by this point. This scenario assumes that ambitious climate
policies are introduced immediately. Carbon Dioxide Removal
(CDR) is used to accelerate the decarbonisation but kept to
the minimum possible and broadly in line with sustainable
levels of bioenergy production. Net CO2 emissions reach zero
around 2050, giving at least a 50% chance of limiting global
warming to below 1.5°C by the end of the century, with no or
low overshoot (< 0.1°C) of 1.5°C in earlier years. Physical risks are
relatively low.
Disorderly Delayed Transition
Assumes global annual emissions do not decrease until 2030.
Strong policies are then needed to limit warming to below 2°C.
Negative emissions are limited. This scenario assumes new
climate policies are not introduced until 2030 and the level of
action differs across countries and regions based on currently
implemented policies, leading to a “ fossil recovery” out of the
economic crisis brought about by COVID 19. The availability of
CDR technologies is assumed to be low pushing carbon prices
higher than in Net Zero 2050. As a result, emissions exceed
the carbon budget temporarily and decline more rapidly
than in well below 2°C after 2030 to ensure a 67% chance of
limiting global warming to below 2°C. This leads to both higher
transition and physical risks than the Net Zero 2050 and below
2°C scenarios.
Hothouse Current Policies
Assumes that only currently implemented policies are
preserved, leading to high physical risks. Emissions grow until
2080 leading to about 3°C of warming and severe physical risks.
This includes irreversible changes like higher sea level rise. This
scenario can help central banks and supervisors consider the
long-term physical risks to the economy and financial system if
we continue on our current path to a “hot house world”.

14
Steel&Tube Climate-related Disclosures
Appendix 2: GHG Methodologies, Assumptions and
Estimation Uncertainties
Methodology
Our Greenhouse Gas (GHG) inventory is prepared in accordance with the Greenhouse Gas
Protocol: A Corporate Accounting and Reporting Standard; and Greenhouse Gas Protocol:
Corporate Value Chain (Scope 3) Accounting and Reporting Standard. All metrics are prepared
using the ‘operational control’ consolidation approach.
Our emission factors are sourced from the Ministry for the Environment, as described in Table A.
Steel & Tube ensures the accuracy and relevance of our greenhouse gas (GHG) emissions
reporting by annually updating our emission factors in alignment with the latest releases from
the Ministry for the Environment (MfE). Each year, MfE publishes updated emission factors in
their guides for organisations, such as:
• A Guide for Organisations: 2022 Summary of Emission Factors
• A Guide for Organisations: 2023 Summary of Emission Factors
• A Guide for Organisations: 2024 Summary of Emission Factors
By incorporating these updated factors, we maintain consistency with national standards
and reflect the most current data available. This practice enhances the reliability of our GHG
inventories and supports our commitment to transparent and accurate environmental reporting.
We do not rely on estimations for our Scope 1 and 2 GHG emissions reporting. All reported data
is based on direct measurements and verified sources, ensuring the highest level of accuracy
and reliability in our emissions disclosures.
Emissions Type
Emission
Source & FactorEmissions Activity
Calculation
MethodologyData Source(s) Assumptions, Limitations & Uncertainties
Scope 1Natural Gas
(MfE)
Natural gas used for water
heating on site
Location-based
method
Consumption data in kWh is provided by our
power management company, using invoiced
data from retailers
Low uncertainty on data quality from supplier,
medium uncertainty from emission factors not
being site-specific
Scope 1LPG (MfE)LPG used in forklifts and other
onsite equipment
Fuel-based methodAutomated usage report from main supplier,
consumption data collected from invoices for
other suppliers
Low uncertainty - reports are automatic from
the supplier, manually entered quantity volumes
are low
Scope 1 Fleet Vehicle Fuel
(MfE)
Fuel used in vehicle fleetFuel-based methodPrior to May 2024, there were two sources of
fuel reporting separate fleet managers, however
our fuel reporting is now consolidated into one
report from one source
Low uncertainty - reports are automatic from the
supplier. Where an operator has purchased fuel
on their Steel & Tube Procurement card, this is
captured in a separate report.
Scope 2 Grid sourced
electricity (location
based) (MfE)
Electricity sourced from the grid
to our sites
kWh-used methodUsage report from supplier dashboardLow uncertainty - reports are sourced directly
from the supplier and do not use averages or
assumptions
Ta b l e A