NZ's Steel and Tube to acquire Tata Steel unit

Will pay NZ$27.5 million for Tata Steel International Australasia

New Zealand's Steel and Tube ltd is to acquire the local business of Tata Steel, the company said on Tuesday.

It said it would pay NZ$27.5 million for Tata Steel International Australasia Ltd, which makes stainless steel, engineering steels, and composite floor decks for the New Zealand and Pacific Island markets.

Steel and Tube said the acquisition was a strong strategic fit for the company.