Lower Hutt based company - Steel & Tube in New Zealand announced to buy the local division, Tata Steel International (Australasia) of India's Tata Steel Group at NZD 27.5 million.

The company plans to ink the deal with Tata Steel on April 14, acquiring its stainless and engineering steel distribution business and composite steel floor manufacturing.

Steel & Tube boosted its earnings by 10% to NZD 8 million in H2 of 2013 from H1. The company said it needed new investment and greater labor flexibility to counter those pressures at the time of the announcement.