Steel & Tube Holdings Limited is a New Zealand-listed company that was established in 1953 with the merger of Stewarts & Lloyds of New Zealand, The Iron & Steel Company of New Zealand and McLean & Todd to form a steel company with a national reach. History Steel & Tube was listed on the New Zealand Exchange in 1967. In 1980 Tenon subsidiary Fletcher Metals became the largest shareholder by purchasing 25% of the company from British Steel Corporation. In 1985 Tubemakers of Australia became a minor shareholder with an 8.8% share in Steel & Tube. In 1999 Fletcher Challenge, through its subsidiary; Fletcher Steel, were granted an application with the Commerce Commission to acquire up to 100% of Steel & Tube. This application expired in December 2000 with the company not acquiring a share in Steel & Tube. In 2001 the company applied through the same channels for the same application stating they did not purchase shares with the previous application due to OneSteel backing out of its first sale bid for 50.01% of Steel & Tube as well as increasing volatility within the Australasian steel market. In 2012 Steel & Tube Holding replaced Fisher & Paykel's spot on the NZX 50 Index after Fisher & Paykel was acquired by Haier. Steel & Tube dropped out of the NZX 50 Index on 16 September 2016. On 28 April 2020, it became known that Steel & Tube would bring forward some restructuring caused by the economic downturn from the COVID-19 pandemic. Between 150 and 200 jobs are expected to be lost. OneSteel/Arrium On 29 September 2008 Australian company OneSteel launched a takeover bid. OneSteel already was the majority shareholder with a shareholding of 50.27%. The takeover bid valued Steel & Tube at $438 million. The $175 million bid had been abandoned by 20 October 2008; which led to a 22% share price drop for Steel & Tube. On 10 October 2012, Arrium announced its intention to sell its Steel & Tube stake at a 15% discounted price of $91.2 million. For the first time in its history; Steel & Tube became a 100% New Zealand-owned company when its majority shareholder Arrium sold its 50.3% share in 2012 to institutional investors. Buyers included the New Zealand Government through the Accident Compensation Corporation who spent $12 million for a 7.2% share. Investments In the mid-1980s Steel & Tube acquired a 25% stake