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WELLINGTON (Reuters) - New Zealand's Steel and Tube ltd (STU.NZ) is to acquire the local business of India's Tata Steel, the company said on Tuesday.
It said it would pay NZ$27.5 million ($23.67 million) for Tata Steel International Australasia Ltd, which makes stainless steel, engineering steels, and composite floor decks for the New Zealand and Pacific Island markets.
Steel and Tube said the acquisition was a strong strategic fit for the company.
($1 = 1.1616 New Zealand dollars)