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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.
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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.