Steel & Tube – Investor Presentation May 2022

Investor Presentation
16 May 2022

2
Welcome
Susan Paterson
Chair

3
Agenda
Strategy and
Finance
•Company
Overview
•Financial Update
•Discussion
Business
Update
•Distribution
•Rollforming
•Reinforcing
•Discussion
•Site Visits
Functions
•Customer Value
Proposition
•Supply Chain
•People & Culture
•Discussion
Sustainability
•Our approach
•Dr Troy Coyle,
HERA
•Discussion

4
Company
Update
Mark Malpass
Chief Executive Officer

5
Steel & Tube
•One of NewZealand’s leading
providers of steel solutions
•A proud NewZealand
company, with over 68 years
of trading history
•We offer NewZealand’s most
comprehensive range of
steelproducts, services and
solutions
•Our stable of best-in-class
businesses are some of this
country’s leadingsteel
suppliers
26 Sites
Nationwide

6
Our purpose
To make life easier for our customers
needing steel solutions
•Providing a one-stop-shop for the most
essential steel products – from foundation
to roof and everywhere in between
•Doing everything we can to make it easy
for our customers to do business with us
•Always looking for ways to work smarter
•Using technology and great thinking to pull
it all together and enable a better business
•Building one great team right across the
Steel & Tube business

7
Our business divisions
Products sourced from preferred
steel mills and distributed through
our national network
Products processed before sale, typically
on a contract or project basis, including
onsite installation services
Distribution
Infrastructure
SteelPiping SystemsChain & Rigging
FasteningsRural ProductsStainless Steel
RoofingCoil ProcessingReinforcing
PurlinsComFlor/ CFDLMesh

8
Primary product and service offering by participants
Steel distributionPlate processing Coil processingStainless steelEngineering steelReinforcing steelWireRoofingFasteners
Steel & Tube

5

5

5

5

5

5

5

5

5
Fletcher Steel

j

5

5

5

5

5

55
Vulcan

5

5

5

5

5
United Industries

5

5

5

55
Asmuss

55

5

5
Summit Steel & Wire

5

55

5
Wakefield Metals

5

5

9
Journey to refreshed
board, strategy &
leadership
Project Strive
Change programme,
operational reset
Extensive
organisational
review
FY18FY19FY20FY21 to FY23
2H17
January to June
Our journey
Late-2017 embarked on an extensive company-
wide reset to drive sustainable earnings
improvement and rebuild shareholder value.
Foundation now built and moving forward.
Moving Forward
Steel & Tube leadership
in the sector and the preferred
choice for steel products and
solutions across the country
Strengthening the core
and building on higher
value segments

10
Structural changes delivering value (1H18-1H22)
Optimised national network
with regional strength
•Sites reduced from 50 to 26
•$2.5m reduction in annual lease costs
Enhanced customer value
proposition
•Group-wide Customer Excellence Centre established, e-commerce,
omnichannel platform, CRM and customer segmentation, digital
strategy
Significant cost reductions and
efficiencies locked in
•Opexreduced by 17.0%
•Opexvs sales reduced from 19.3% to 15.3%
•FTEs down 18.2% (1,100 to 900 including vacancies)
Robust balance sheet •Net debt reduced from $126.9m (June 2017) to $43.5m (April 2022)
Operational excellence•Distribution Centre Lean systems and focus on DIFOTIS
•Bar code scanning and traceability
Supply chain disciplines•S&OP forecasting systems, product traceability, digital tools
DIFOTIS: Delivered in full on time on spec; FTEs: Full Time Equivalent employees; S&OP: Sales and Operations Planning

11
Customer satisfaction
NPS of 38 for FY22 (10 months)
Focusing on continual improvement
Carbon Reduction*
Greenhouse gas emissions 939 tCO2-e
1378
883
957
1018
939
0
500
1 000
1 500
1H202H201H212H211H22
Tc o 2
-
E
*Reporting in accordance with Greenhouse Gas Protocols and includes all material emissions under Scope 1 and 2, with Scope 3 limited to business travel.
TRIFR: Employee Total Recordable Injury Frequency Rate.
24
34
38
0
10
20
30
40
50
FY20
( 1 0 M O NTHS)
FY21
( 1 0 M O NTHS)
FY22
( 1 0 M O NTHS)
NPS SCORE
0
5
10
15
FY16FY17FY18FY19FY20FY21Apr 22
TRIFR
5
13
15
19
29
35
0
10
20
30
40
July 20Nov 20Mar 21July 21Dec 21Apr 22
eNPS
SCORE
Employee Engagement
Satisfaction Score 7.8/10
Employee Safety Measure
TRIFR 1.13 Well below industry standards

12
COVID-19 management
Agile management through
COVID-19 focussed on
people supporting customers
•Leadership position on
vaccine incentives for staff
•Vaccine protocols for
customers and suppliers
visiting sites
•Exclusion zones deployed
at all sites
•RAT supply investment
•Approved Close Contact
Exemption Scheme Critical
Services Register
0
2
4
6
8
10
12
14
16
18
1 July 20211 September 20211 November 20211 January 20221 March 20221 May 2022
Weekly Revenue ($m)
Weekly Revenue -FY22 Vs FY21
FY22
FY21
L oc kdown
A u ckland AL3
NZ moved to "red"

13
•Positive economic activity
driving increased demand
for steel across a range of
sectors
•High levels of customer
service and operational
performance
•Disciplined supply chain
management led to
improved availability of
high demand products
•Use of data analytics to
support pricing decisions
•Global COVID-19
environment
•Congested Global supply
chains
•Increasing steel pricing
and cost pressures
•Competition for talent -
labourconstraints,
particularly construction
•Potential cooling effect of
rising interest rates
•Significant rebuilding of
investment in infrastructure
•Exposures across climate
change, three waters, and
circular economy
•Manufacturing (food &
non-food) expanding
•Commercial construction
activity building
•Residential pipeline
expected to moderate
Strongly positioned to benefit from market conditions
HeadwindsTailwindsSteel & Tube Value

14
Positive economic activity driving demand for steel
Increased demand across a range of sectors; most trends expected to continue medium term
2
3
4
2
3
5
6
M ar-1 7M ar-1 8M ar-1 9M ar-2 0M ar-2 1M ar-2 2
SQM (000s)
No. Cons ents (000s)
Rolling 12months
Non-Residential Consents
ConsentsFloor Area
5
6
7
8
25
30
35
40
45
50
M ar-1 7M ar-1 8M ar-1 9M ar-2 0M ar-2 1M ar-2 2
Rolling 12months
SQM (000s)
No. Cons ents (000’s)
Residential Consents
ConsentsFloor Area
20
40
60
M ar-1 7M ar-1 8M ar-1 9M ar-2 0M ar-2 1M ar-2 2
Performance of Manufacturing
Index (PMI)
Source: Statistics New Zealand, BNZ –BusinessNZPMI, Statistic NZ, NZIER
Manufacturing
31%
Other
8%
Residential
Construction
21%
Commercial
26%
Infrastructure
14%
Share of FY22 (10 months) Sales
Steel & Tube is a diversified
business with limited
exposure to any one sector
50
10 0
15 0
J u n- 1 7J u n- 1 8J u n- 1 9J u n- 2 0J u n- 2 1J u n- 2 2
Index (2010=100:sa)
Activity Index
Infrastructure Construction

15
DIFOT
98%
FY21: 98%
Results April YTD - 10 months financial performance
Record revenue and earningsdriven by strong sector demand, customer service,
operational performance and disciplined supply chain management
Revenue
$479.3m
+24.6%
EBITDA
$53.6m
+81.6%
EBIT
$37.9m
+156.7%
NPAT
$24.1m
+226.7%
Vol u me
136,831t
+7.8%
Dividend
1H22: 5.5cps
1H21: 1.21 cps
Customer NPS
38
FY21: 34
TRIFR
1.13
FY21: 4.04
Employee NPS
35
FY21: 13
Net Promoter Score (NPS): Measure of customer/employee satisfaction
Employee Total Recordable Injury Frequency Rate (TRIFR): Employee safety measure
Earnings Before Interest and Tax (EBIT), Earnings Before Interest Tax Depreciation and Amortisation (EBITDA), Net Profit After Tax (NP AT)
DIFOT: based on deliveries from Distribution Centres
P ercent comparatives are to FY21 (10 months)

16
Strong results driven by delivery on strategic initiatives
Benefits of strategic initiatives becoming clear
•Volumes and revenues – rebuilt post COVID-19 and targeted growth product categories
•Margin improvements –driven by product margins and labour / freight efficiencies
•Improved customer service and delivery – key driver of performance
•Significant structural cost reductions – established a resilient underlying business platform
•Optimised working capital and invested in inventory to support customer growth
•Digital initiatives have been embedded - now taking hold
•Growth focused on strengthening the core and building on high value segments
Positive market backdrop
•Positive economic activity driving increased demand for steel across a range of sectors

17
Strategic focus
Growth focused on strengthening the core and building on higher value segments
•Continue to build best-in -class customer
experience
•Leverage opportunities to cross sell wide
range of products and services
•Drive gross margin $/tonnethrough dynamic
pricing and product procurement
•Ongoing focus on operating model –
warehouse operations, digitizing supply
chains and customer facing channels
Build on Foundation
“Strengthen the Core”
•Improving resilience of earnings through
economic cycles
•Growth is targeted towards high value
products, diversified materials and value-
added services
•Continue to diversify customer segments
and build scale and footprint in these areas
•Accelerate shift to digital sales
•Primary focus is organic investment,
continue to review direct adjacent sectors
Product & Service Growth
“Diversify Locally”

18
Expand plate processing capability and offer
•Attractive value-added products
•Growing market sector
•Existing footprint with significant opportunity to expand
•Replacement of obsolete equipment with large, high
capacity machinery - commissioning 4Q22
Build share of the steel framed housing market
•Currently major supplier of coil to residential and
commercial manufacturing customers for external
and internal steel framing
•Expand to supporting housing developers with
fabricated frames and trusses
•Steel framing is infinitely recyclable
•New machinery supported by high specification
software - commissioning 4Q22
Other new product growth well advanced
Product
development
and innovation
Identified growth
opportunities in high
value sectors

19
FY22 Guidance
Expect FY22 NormalisedEBIT no less than $45m and NormalisedEBITDA of no less than $64m
Market conditions expected to remain
positive
•Commercial consents building and
increased tender activity
•Infrastructure/Government spending
continuing to build due to significant
prior underinvestment
•Expanding manufacturing sector
•Residential activity expected to moderate
•Headwinds remain – congested supply
chains, rising steel prices, labour and cost
and interest rate pressures
Significant turnaround complete, benefits
locked in, focus strengthening and growth
•Capturing operational leverage, margin
disciplines and digital platform taking hold
•Strong market conditions, secured pipeline of
contract work, and investedin inventory to
support customers
•Growth targeted at high value products and
value-added services
•Expect continued earnings momentum and
dividends, subject to any new COVID-19
variant

20
Our Strengths
•Strong governance and sustainability focus
•Established leadership positions in multiple
categories of the steel market
•Diversity across multiple sectors in the steel
market, reducing exposure to any one sector
and providing ability to cross-sell to
customers
•Turnaround has built a customer centric
culture, resilient underlying cost structure,
streamlined and efficient footprint and
strong balance sheet with capacity to invest
•Building resilience of earnings through
growth in high value product ranges and
value-added services
•Leading the way in the sector with digital
platforms providing efficient access for
customers
•Trusted customer partner –reliability,
methodologies, technical advisory and
safety & quality
•Investment in product quality systems
including Lloyds Register domestic and
offshore steel mill attestation and test
certificate verifications
•People, communities, environment, health,
safety and wellbeing are at our core

21
Group Financial
Update
Richard Smyth
Chief Financial Officer

22
* FY21 results have been restated for the impact of a change in accounting policy in regards to the accounting for Software as a Service arrangements (“SaaS”). FY22 and FY21 Normalised
EBITDA and NormalisedEBIT have been adjusted to exclude non-trading adjustments. Further details included in appendix to this presentation.
•Strong volume and revenue uplift
─Revenue up 24.6%
─Volumes up 7.8%
•Gross Margin continues to
improve
•Structural reduction in operating
expenses locked in
•Significant increase in earnings
$m
FY22
(10 months
Actuals)
FY21
(10 months
Actuals)
Var%
Revenue479.3384.624.6%

EBITDA53.629.581.6%

Normalised EBITDA*54.028.689.2%

EBIT37.914.8156.7%

Normalised EBIT*38.313.8177.9%

Group Financial Summary (10 months)

23
FY2021 (1H21 & 2H21) has been restated for SaaS impact
Group Financial
Performance
•2H20 was significantly
impacted by COVID-19
•Four consecutive half year
periods of strong growth
•Earnings momentum
supported by business
improvements and solid
activity
-30
-10
10
30
50
70
90
0
100
200
300
400
500
1H192H191H202H201H212H211H222H22
F or ecas t
C olu m n1
$m
$m
G ross Margin
Re venue
Normalised
E B IT DA
Normalised
E BIT

24
Volume 136.8Ktonnes, up 10Kt
or 7.8% on pcp
Increasing customer demand for
comprehensive range of products
Revenue $479.3m, up $94.7m
or 24.6% on pcp
Continuing sales momentum,
despite COVID-19 impact
Revenue (10 months)
Strong trading momentum
60
90
120
150
0
100
200
300
400
500
FY21FY22
Tonnage (000’s)
$m
Sales & Volume (10 months)
Sal esTon nage
pcp= prior comparative period

25
Margin (10 months)
Focus on gross margin $/tonne
improvement
•Data driven pricing decisions resulting in
effective price management in a dynamic
environment
•Product mix focused on growing market
share inattractive sectors which offer
higher margins
•Lower variable costs as a percentage of
sales reflecting efficiency improvements
•Relentless focus on cost management
20.8%
23.0%
0
300
600
900
0%
5%
1 0%
1 5%
20%
25%
FY21FY22
Year on Year (10 months) Margin
Improvement
Gross MarginGross Margin$/tonne
Gross margin includes freight, direct and sub-contract labour

26
Significant structural changes delivering long term benefit
completed
•Low fixed cost base has been maintained
•Operational costs as a percentage of sales continues
to decline
•Continued focus on implementing efficiencies and
controlling costs
Increase in FY22 normalised operating expenses of $6.4m
•Inflationary pressure - mostly wage and salary inflation
•Incentive accruals provisioning
•Increase depreciation
Nomalisedoperating expenses (10 months)
Ongoing relentless focus on operating expenditure
NormalisedOpexexcludes Holiday Pay provisions/reversal, as well as non-trading adjustments previously reported
0.0%
5.0%
1 0. 0%
1 5. 0%
20.0%
25.0%
0.0
20.0
40.0
60.0
80.0
FY20FY21FY22
$m
Normalised Opex(10 months)
OpexOpex/Sales%

27
•Normalised Opexhas continued
to decline as a percentage of
sales (2H20 blip due to COVID-
19 lockdown sales impact)
•Dollar increases have been
limited to inflation, depreciation
and a small number of
additional IT staff
Normalised operating
expenses summary
Opexfigures have been normalisedin the current period to exclude Holiday Pay
provision reversal, as well as non-trading adjustments reported in prior years
0.0%
5.0%
1 0. 0%
1 5. 0%
20.0%
25.0%
0.0
25.0
50.0
1H192H191H202H201H212H211H222H22
F or ecas t
$m
Normalised Opex
OpexOpex/Sales%

28
Inventory
•Investment into high demand,
high margin SKUs
•Increase in Inventory a result of:
─Higher prices
─Slightly longer supply chain
resulting in an increase in
Goods in Transit
─Increased sales/customer
demand
•Inventory turns (unit and
tonnes) have remained
consistent with prior periods
Stock on Hand (units)
Average unit price ($)
$152.9
$188.1
$192.4
$16.2
$10.4
$8.6
$4.3
SOH December
2021
Cost Pri ce
Escalation
Local Supply
Ch ain
International
Supply Chain
Additional to
support sales
SOH April 2022
$m

29
Cashflow
•Strong cash inflows reflecting the
increased revenues
•Significant investment in inventory
which has increased $40m in the last
four months
•Dividends paid during FY22
•Expect to start paying Company
Income Tax from FY23
•Extension of existing revolving cash
advance facility from $50m to $80m,
and additional $20m trade loan
Opening Cash
EBITDA
Increase in Inventory
Other Working Capital
movement/timing
Dividend
payments
Capex payments
Lease/ROU payments
Closing Net Debt

30
Governance
•Fully established Board and Sub-Committee Structure:
─Audit and Risk Committee
─Governance and Remuneration Committee
─Quality, Health, Safety and Environment Committee
•Director Skills Matrix
•Code of Ethical Behaviour
•Board and Team Diversity
•Change in External Auditors

3131
Panel discussion

32
Distribution
Marc Hainen
General Manager Distribution

33
Our business divisions
Products sourced from preferred
steel mills and distributed through
our national network
Products processed before sale, typically
on a contract or project basis, including
onsite installation services
Distribution
Infrastructure
SteelPiping SystemsChain & Rigging
FasteningsRural ProductsStainless Steel
RoofingCoil ProcessingReinforcing
PurlinsComFlor/ CFDLMesh

34
Distribution
Performance
•Revenue +37.3%
•GM $ - pricing & improved
product mix + 63.3%
•Tonnesgrowth – little
COVID-19 effect + 11.2%
•Benefits on prior cost
rationalisation
•Earnings growth 3.9x
70
75
80
85
90
95
100
0
50
100
150
200
250
300
350
400
FY21FY22
Tonnage (000’s)
$m
Sales & Volume (10 months)
Sal esTon nage
-
5
10
15
20
25
30
35
FY21FY22
$m
EBIT(10 months)
FY21FY22

35
Procurement
and Shipping
•Mill capacity constraints and
allocations
•Steady rise in steel costs (USD)
•Recent weakening in NZ USD
cross rate
•Recent price announcements
from key suppliers including
NZ Steel
•Strong and supportive supplier
relationships across ANZ and
Asia
800
1000
1200
1400
1600
1800
2000
2200
800
1000
1200
1400
1600
1800
2000
2200
NZ$US$
Asia Hot Dipped GalvanisedCoil Price (excl.
Shipping) US$/TonneMEPS International
US$/TonneNZ$/Tonne
600
800
1,000
1,200
1,400
1,600
600
800
1000
1200
1400
1600
NZ$
US$
Asia Merchant Bar Price (excl. Shipping)
US$/TonneMEPS International
US$/TonneNZ$/Tonne

36
Procurement
and Shipping
•Shipping reliability worsens
and days delayed increased
•Container capacity constraints
•Shipping cost increases (USD)
+ fuel surcharge increases
•Secured full container
allocations + cost security
0%
10%
20%
30%
40%
50%
60%
70%
80%
JanFebM arAprM ayJunJulAugSepOctNovDec
P e rfomance
to Schedule
Vessel Global Schedule Reliability
Sea-Intelligence, GLP Report
20 20
20 21
20 22
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
U SD Per C onatiner
World (40ft) & Shanghai Containerized (20ft) Freight
Dewy & Macromicro
Drewry World (40ft)
Cont aine r In de x
Sh anghai (2 0ft)
Cont aine riz ed Fr eight I ndex

37
Margin Management
•Disciplined pricing systems, digital analytics and
reporting - optimisingmargin $ achievement
•Active price management in a dynamic
environment
─Margin $ per tonne+46.8%
•Shift in focus to high value customers/market
segments
•Return on inventory focus
•Experienced team – through the cycle
•Forward sell price commitments and mill
“back to backs”
─Mitigates risk for major customers and
Steel & Tube
-
100
200
300
400
500
600
700
800
900
1,000
FY21FY22
Gross Margin $ per Tonne (10 months)
FY21FY22

38
Abandon Rate
Ta r ge t
Average Wait Time
Ta r ge t
Quote Follow-up
Ta r ge t
Customer Service
Performance
•Improving DIFOT 98.2%
•Customer Excellence centreperformance
- strong regional alignment
•Increased sales & service focus on high
value customer segments
•Webshopgrowth - 24 hours access, lower
cost to serve
•Electronic Data Interchange (EDI)
integration with larger customers
•Improved product availability

39
Growth Trajectory
•Investment in high value, high returning segments
•New plate processing equipment currently
commissioning
•Organic growth in seismic systems (Zipclip) and roofing
screws (Rooffast) launched, acquired Fasteners NZ
•Share of wallet focus on high value customer segment
supported by common ERP and ability to cross range sell
•Major customers report solid forward workloads -strong
infrastructure and steady manufacturing. Residential
expected to moderate

40
Rollforming
Mohammed Afroz
General Manager Rollforming

41
Our business divisions
Products sourced from preferred
steel mills and distributed through
our national network
Products processed before sale, typically
on a contract or project basis, including
onsite installation services
Distribution
Infrastructure
SteelPiping SystemsChain & Rigging
FasteningsRural ProductsStainless Steel
RoofingCoil ProcessingReinforcing
PurlinsComFlor/ CFDLMesh

42
Roofing
Business Context
•Largest revenue contributor for Rollforming
at 60%
•Six branches offering 15 profiles covering
residential and commercial sectors
•Complete roofing and cladding solutions
provider, packaged with accessories and
fasteners, one stop shop
•Specialist curving and custom rainwater
service
Business Performance
•6% Revenuegrowth in roofing with a
buoyant Residential sector
•Four year supply agreement with Kāinga
Ora supplying 1,600 roofs annually, Kāinga
Ora volumes expected to double in FY23
•Investment in new Rollforming equipment
for South Island
•Strong customer focus in a challenging
environment
•Customer Excellence Centre and Web Shop
improvements consistent with the
Distribution Business
•Exploring opportunities to fill two network
gaps in Roofing

43
Sheeting and Coil Processing
•Servicing manufacturers and sheet
metal fabricators
•Same day or 24hr delivery service for
standard and cut to length sheets
•Increased volume in coil processing in
both residential and commercial sectors
•Currently supplying significant volumes
for light steel framing
•Smart throughput reporting software
being implemented for capacity gains
due to increased demands
-15%
-10%
-5%
0%
5%
10%
15%
20%
1H20 2H20 1H21 2H21 1H222H22F
Volume % Growth

44
Purlins
•Significant growth in the last 10 months
•Volume up by 62% with Revenue uplift
of 80%
•Smart procurement planning for stock
availability
•Cross group customer focus is increasing
share of wallet
•Strong secured works pipeline
•Recently implemented investment in
new semi-automatic purlins machine
and stacker, to further grow market share
0%
10%
20%
30%
40%
50%
60%
7 0%
1H202H201H212H211H222H22F
% Volume Growth

45
ComFlor/CFDL
•Exclusive licenceto ComFlorrange of products
•Most specified metal decking system
•Sustainable solution using less concrete per
square meter, meeting fire and acoustic standards
•End to end service - technical support to
installation
•Projects installed by CFDL, market leaders in the
installation space suppling and installing just over
250,000m2 annually
•Unique installation methodology, digital 3D
modelling and collaboration with main contractors
= time and cost savings for customers
CFDL – Composite Floor Decking Limited

46
Steel Framing
•Opportunity identified through mass timber shortage
mainly in the residential sector
•Steel & Tube supplies slit coil for steel framed houses
to Group Home Builders and other fabricators
•As Rollformingspecialist there are synergies to service
the residential sector with fabricated steel frames
•Leverage current strong roofing relationships to build
volume
•Incremental sales through Roofing, Reinforcing,
Distribution and fastening
•Two machines and increased volumes may warrant
further units – opportunity to scale through existing
network

47
Reinforcing
& Wire
Peter Ensor
General Manager Reinforcing

48
Our business divisions
Products sourced from preferred
steel mills and distributed through
our national network
Products processed before sale, typically
on a contract or project basis, including
onsite installation services
Distribution
Infrastructure
SteelPiping SystemsChain & Rigging
FasteningsRural ProductsStainless Steel
RoofingCoil ProcessingReinforcing
PurlinsComFlor/ CFDLMesh

49
Introduction
•Product quality and
traceability
•Strong focus on safety
through manufacturing
and construction
•Customer synergies across
the group

50
Performance
Infrastructure
45%
Commercial 42%
Residential
Construction 12%
Sales by Sector FY21-22
•Mitigating and recovering
from the impacts of COVID-19
•Managing rapidly escalating
pricing in a contracting
environment
•Sector growth outlook strong
and solid order book
•Carefully managing
contracting risk, engaging
where risk/reward balanced

51
Strengths
•Leveraging methodology and
manufacturing capability
•Customer early engagement
a differentiator
•Digital solutions are now
changing the game
•Continued investments in
manufacturing plant
•Highly engaged and
experienced workforce
•Local and Central
Government customers’ client

5252
Panel discussion

53
Customer Value
Proposition
Mike Hendry
Chief Digital Officer

54
•Provide the broadest range of steel solutions in the NZ market
•Have knowledgeable and skilled people to help you with your steel needs
•Be easy to do business with
•Deliver value
•Highly customer focused
•Innovative
•Lead the industry in safety and quality
•Strong “Kiwi” identity
Customer Value Proposition

55
Our client base is highly
diverse with a broad set of
requirements we address via
careful customer targeting
Most
Valuable
Customers in
Their
Segments
High
Potential &
Growth
Orientated
Small
and Medium
Enterprises
ManufacturingConstruction
Merchants
& Resellers
EngineeringTrad e s
Rural
Resellers
&
Merchants
Some are
Exclusively
Project
Work

56
Analytics
E-Commerce
CX
New Digital and Sales
and Service Capability
•Segmentation
•Pricing
•S&OP
•Webshop
•EDI
•CRM

57
Analytics
For illustra tive purposes only

58
E-Commerce
•High Growth “Sticky”
7x24 channel
•Proven convenience
generates excellent NPS
•Exclusive or “Mix and
Match” Customer Use
Direct customer integration
for our largest customers
•Catalogues
•Pricing
•Orders and Invoices
•Test Certificates
EDI

59
Customer Based Performance Measurement
Customer
Score
NPS
Know
Me
Be
Responsive
to Me
Get Me Stuff
I Need
Revenue,
Margin and
Average Share
Primary
Metrics
Secondary
Metrics
Operational
and Role KPI’s
DIFOTISPRODUCT
TRAINING
COMPLETION
QUOTE
CONVERSION
TEST CERT
AVAILABILITY
$$%
The measure of how
we are performing
in the market
How our performance for this customer ranks across
all the dimensions of the Primary Metrics compared
to every other customer. It is a performance index.
Important performance statistics used
to create the Customer Score and
aggregated to create Secondary Metrics
Aggregate performance metrics across
customers, segments, channels, products
and locations over time
Functional, BU and Role Based KPI’s/OKR’s and
SLA’s. These are the levers which drive Primary
Metric Performance. Measured continuously.
Role and
Functional
K PI ’s/SLA’s
The measure as to how well our
customer feels we are performing.
Would they recommend us.
Segment
Performance
Key S&T drivers
for customers
performance
How are we
performing for
the customer
Key Outcomes

60
Supply
Chain
Mark Baker
General Manager Group Supply Chain
& Distribution Centres

61
Group Supply Chain and
Distribution Centres
•Network Backbone and Distribution Centres
•Sales and Operations Planning / Integrated
Business Planning
•Availability and DIFOT
•Inventory profile and performance

62
Network Backbone and Distribution Centres
•Backbone network across the Group –
centred strongly in Auckland / Golden
Triangle
•Distribution Centre / child branch model
optimises inventory, service and Group
freight
•Demonstrated resilience during COVID-19
•Primary initiatives focus on process
standardisation, automation/analytics and
productivity
•Network intensification – optimise today
and create flexibility for future
Primar y steel DC
Primary stainless DC
Primary fastenings DC
Coil Processing
Plate Processing
Roofing
Reinforcing / Wire
South Island DC
(stainless, carbon
and fastenings)
Reinforcing
Roofing

63
Sales and Operations Planning
•Integrated at a Group level
•Anchored to our value
proposition and service promise
•Balances inventory investment
with earnings
•Key focus area for capability
development and digitisation
DIGITAL
SEGMENTS
CATEGORIES
SERVICE
P ROMISE
(AVAILABILITY)
F O RECAST
D E MAND
INVENTORY
LE VELS
P U RC HASING
S T O CK
C O NT ROL
E ND T O END
FRE IGHT
S E RVICE
PERFORMANCE
D IRECT
LABOUR
NE T WORK
CAPACITY

64
Jul-21Aug-21Sep-21Oct-21No v-21Dec-21Jan-22Feb-22Mar-22Apr-22
DIFOT
Availability and DIFOT
•Maintaining high availability on
key / critical lines to target
segments is core to our
proposition
•Consistency of performance is
critical – some out of stocks
inevitable
•Availability impact for hollows
following NZ Steel exit
mitigated and stable, but
longer supply line
98%+
Jun 21Jul 21A ug 21Sep 21Oct 21Nov 21Dec 21Jan 22Feb 22Mar 22Apr 22
Availability
95%+

65
Inventory Profile and Performance
•Cost price inflation and supply
chain disruption drives inventory
value
•Cover at unit and tonneslevel
has remained relatively flat
despite supply chain disruptions
•Period of high unit cost price
inflation evident
Stock on Hand (units)Avera ge unit price ($)
$152.9
$188.1
$192.4
$16.2
$10.4
$8.6
$4.3
SOH December
2021
Cost Pri ce
Escalation
Local Supply
Ch ain
International
Supply Chain
Additional to
support sales
SOH April 2022
$m

66
People &
Culture
Anna Morris
General Manager People & Culture

67
Our People
Main cities through to
small regions
500Operational
Team Members
32Ethnicities
840FTEs excluding vacancies
Average 6.4years service
Average age
42
27%
females

68
Labour Model Efficiency
•Changed Labour model
•Significant FTE reduction
•Capacity for higher outputs
0
200
400
600
800
1,000
1,200
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
1H202H201H212H211H222H22
FTE Information
Av Rev per FTEAverage H eadcount
HeadcountRevenue per FTE ($)
Headcount
Revenue per FTE ($)

69
COVID-19 Response
Committed to our People
•Frequent Communication
•Vaccines Incentives
•Company-wide consultation
on approach to vaccinations
•Mandatory Vaccinations
•Care Packages
•Frontline Recognition Payments
•Paid Isolation leave
•Hardship support
•Booster Programme
•Supply of RATs to families

70
Employee Engagement
•35 ENPS
•Committed to continuous
improvement
5
13
15
19
29
35
0
5
10
15
20
25
30
35
40
July 20Nov 20Mar 21July 21Dec 21Apr 22
eNPS
SCORE
Employee Engagement
Satisfaction Score 7.8/10

71
Retention is Key
•Record levels of internal
movements
•Employee Engagement
actions
•Reward for Performance
programmes
Recruitment for growth
•Relationships with
alternative sourcing
providers
•Internal referrals
Competing for
Tal e n t

72
Gearing Team around
Customer Experience
•Career path
•Sales and Customer Service
competency
•Expansion of productivity
based incentives
Focus Areas

73
Sustainability
•Work experience/MBIE partnership programmes
•English and numeric literacy
•Back to school funds
•Budgeting and financial wellbeing programmes
•Mates in Construction partnership

7474
Panel discussion

75
Sustainability
Trent Brash
Group Sustainability Manager

76
Sustainable Steel
Steel facilitates the
circular economy:
•Infinitely recyclable
•Reduced construction waste
•Durable
•Thermal capabilities
•Non-toxic and inert

77
ESG Strategy
Steel & Tube are developing
its ESG strategy:
•MBIE feedback
•XRB consultations
•Preparation for NZ CS 1:
Climate-related Disclosures
•Sustainability systems
•Materiality assessment

78
Sustainability at
Steel & Tube
Carbon abatement
opportunities
•Reduction in energy use
•LED lighting
•Waste reduction
•Freight efficiency
•Solar

79
Sustainability
Dr Troy Coyle
Chief Executive Officer, HERA

80
Non-GAAP Financial
Non-GAAP financial information: Steel & Tube uses several non-GAAP measures when discussing financial performance. These
include NormalisedEBIT and Working Capital. Management believes that these measures provide useful information on the underlying
performance of Steel & Tube’s business. They may be used internally to evaluate performance, analysetrends and allocate resources.
Non- GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures reported in accordance
with NZ IFRS.
Non-trading adjustments/Unusual transactions: The financial results for FY22 (10 months) include transactions considered
to be non-trading in either their nature or size. Unusual transactions can be as a result of specific events or circumstances ormajor
acquisitions, disposals or divestments that are not expected to occur frequently. Excluding these transactions from normalisedearnings
can assist users in forming a view of the underlying performance of the Group. The above reconciliation is intended to assistre aders to
understand how the earnings reported in the periods ended 30 April 2021 (10 months) and 30 April 2022 (10 months) reconcile to
normalisedearnings. Non-trading adjustments of $(0.4) million are included in the FY22 (10 months) results.
RECONCILIATION OF REPORTED NORMALISED EBIT
Period ended 30 April Restated Restated
$000sFY22FY21FY22FY21
Reported 53,595 29,521 37,87514,752
Holiday Pay provision release (854) - (854)-
IFRS16 Impairment Revers al (374) (777) (374) (777)
Gain on sale of Properties- (1,215)- (1,215)
Saas expenses 1,683 1,032 1,683 1,032
Normalised 54,050 28,561 38,33013,792
EBITDA (10 Months)EBIT (10 months)

81
This presentation has been prepared by Steel & Tube Limited (“STU”).
The information in this presentation is of a general nature only. It is not a
complete description of STU.
This presentation is not a recommendation or offer of financial products
for subscription, purchase or sale, or an invitation or solicitation for such
offers.
This presentation is not intended as investment, financial or other advice
and must not be relied on by any prospective investor.It does not take
into account any particular prospective investor’s objectives, financial
situation, circumstances or needs, and does not purport to contain all the
information that a prospective investor may require. Any person who is
considering an investment in STU securities should obtain independent
professional advice prior to making an investment decision, and should
make any investment decision having regard to that person’s own
objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation should not
be relied upon (and is not) an indication of future performance.This
presentation may also contain forward looking statements with respect to
the financial condition, results of operations and business, and business
strategy of STU. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation
is a promise or representation as to the future or a promise or
representation that an transaction or outcome referred to in this
presentation will proceed or occur on the basis described in this
presentation. Statements or assumptions in this presentation as to future
matters may prove to be incorrect.
A number of financial measures are used in this presentation and should
not be considered in isolation from, or as a substitute for, the information
provided in STU’s financial statements available at
www.steelandtube.co.nz.
STU and its related companies and their respective directors, employees
and representatives make no representation or warranty of any nature
(including as to accuracy or completeness) in respect of this presentation
and will have no liability (including for negligence) for any errors in or
omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this
presentation.
Disclaimer