Steel & Tube is proud to announce the successful completion of one of the largest acquisitions in its history, welcoming Perry Metal Protection, New Zealand’s market-leading hot dip galvanizing business, into the group. The deal also includes complementary grating and sandblasting businesses, further expanding Steel & Tube’s capability to serve the country’s growing infrastructure, manufacturing, and construction sectors.
In an environment where global M&A activity is slowing and many deals are being paused, this acquisition reflects our long-term strategic commitment to growth and investment through the cycle.
Extending Leadership in Steel
With this acquisition, we are extending our already comprehensive steel and metal product offering — the largest range in New Zealand — and strengthening our ability to meet the evolving needs of customers across key sectors.
Hot dip galvanizing, where Perry’s is the clear market leader, dramatically increases the lifespan of steel — by up to seven times — making it an essential solution for harsh environments and remote builds. It’s particularly valuable in New Zealand’s coastal climate, with applications across infrastructure such as bridges, wharves, wind farms, and industrial buildings where maintenance access is limited.
A Positive Outlook for Steel Demand
The long-term outlook for steel in New Zealand remains strong. With over $68 billion in government infrastructure spending planned over the next four years, demand for steel products is expected to grow across public and private sector projects. In many cases, steel is the only material capable of meeting New Zealand’s unique structural and environmental requirements.
Positioned for Growth
As a highly cyclical industry, steel is often a bellwether for broader economic trends. Steel & Tube is well positioned to capitalise on economic recovery and accelerate earnings growth through this acquisition.
“We’re thrilled to welcome Perry Metal Protection and their team into the Steel & Tube family,” says Mark Malpass, CEO of Steel & Tube. “This is a positive, future-focused action at a time when many businesses are retreating. We’re investing in capability, in people, and in long-term value for our customers and shareholders.”
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