Steel & Tube Holdings Limited (NZX: STU) Announces Sale and Leaseback of Property Tuesday 22nd December 2020
The sale is expected to be completed on 22 March 2021.
Steel & Tube will continue to lease the property for a term of 2 years with two further rights of renewal of one year each.
The transaction has no material impact on the normalised earnings guidance provided by the Company on 17 December 2020.
See the link below for more details:
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Steel & Tube Holdings Limited (NZX: STU) Trading Update and Half Year Forecast Thursday 17th December 2020
Steel & Tube Holdings Limited has provided an update on its performance to end-November 2020, reporting trading above that expected since coming out of the March COVID-19 level 4 lockdown.
The positive performance reflects growing market demand driven in part by the busy residential and infrastructure sectors, which have provided some balance to a softening non-residential construction sector.
Chief Executive Officer of Steel & Tube, Mark Malpass, said: “COVID-19 has made for a difficult year, however, we are pleased with our progress in the year to date. We have seen positive signs of economic activity with a number of new projects and longer-term contracts secured. We remain focussed on optimising customer service and continuing to achieve further structural cost savings.