Forum Archive Index - March 2002

[Marilyn Munroe <who.c@res.co.nz>]

In a recent post Snoopy wrote;

        Steel and Tube is on the outer radar screen of my watch list.  It is
        a very boring company, but this is no bad thing from an investors
        point of view as 'boring' often equates to 'overlooked'.

        It has a strong market position in the steel section business in New
        Zealand, and if the once rumoured merger with Fletcher Steel ever
        came to pass they would hold a near monopoly on this line of
        business.       

If the behavior of the Pacific Metal Industries (Fletcher Building 
subsidiary) and Simms Metal joint venture in the ferrous scrap market is any 
guide, the Commerce Commission would be unwise to allow the merged 
Steel & Tube + Fletcher Steel mice guard the cheese in the merchant steel 
market.

Boop-boop-de-do Marilyn

Disclosure: Hold Fletcher Building



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