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Inside a steel super centre · The SME Stream

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Speaker 1: The information provided in this program is of a general
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Speaker 1: nature and is not intended to be personalized financial advice.
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Speaker 1: We encourage you to seek appropriate advice from a qualified
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Speaker 1: professional to suit your individual circumstances. This steel supercenter can
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Speaker 1: store twelve thousand tons of the commodity, more than twice
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Speaker 1: the amount used to build the Auckland Harbor Bridge. Why
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Speaker 1: this site has been built in a construction downturn, we.
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Speaker 2: Call it the sugar rush.
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Speaker 3: I suppose commodity prices went up through the roof. Volumes
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Speaker 3: went up through the roof. Demand was very high. We
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Speaker 3: knew what comes up. It's got to come down on the.
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Speaker 1: Dollar figure on how much steel you've imported to stockpile
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Speaker 1: here though.
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Speaker 4: What's that?
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Speaker 2: Well, it's a long term plan.
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Speaker 3: As MS has been around for one hundred years with
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Speaker 3: wathered many cycles. This we see is just another cycle,
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Speaker 3: and you've just got to hold your nerve and it
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Speaker 3: will it'll pay dividends.
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Speaker 1: This is the infrastructure behind industrial infrastructure. A brand new
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Speaker 1: fifteen thousand square meta logistics facility in Drury, south of
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Speaker 1: Auckland has been made to store thousands of tons of
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Speaker 1: steel beams and pipes. This site was designed and built
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Speaker 1: specifically for Asthmus, a privately owned steel importer that was
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Speaker 1: started by Henry Asmus in nineteen twenty and carried on
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Speaker 1: by his son William.
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Speaker 4: The business has been behind some.
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Speaker 1: Of the country's most significant bills, including the Marsden Point
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Speaker 1: former oil refinery, the Waikatour River hydro dams, the Huntley
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Speaker 1: Power Station and Wellington's Waterfront Stadium. Its latest expansion is
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Speaker 1: proof that it's still growing and gearing up for more
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Speaker 1: major projects as the economy improves and efforts get underway
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Speaker 1: to fix our infrastructure deficit.
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Speaker 3: So we started building this in June two thousand, in
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Speaker 3: twenty three, So, Jick.
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Speaker 4: You moved in a few months ago.
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Speaker 2: Yeah, the build was thirteen months.
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Speaker 4: That is crazy.
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Speaker 2: It is very good.
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Speaker 1: As Mus brings in steel from mills around the world,
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Speaker 1: from Australia to South Korea, China, Thailand and Taiwan, making
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Speaker 1: it one of the more globally connected New Zealand operators.
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Speaker 4: So how do you think.
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Speaker 1: About the geopolitics of the world right now? Given that
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Speaker 1: you import from all of these countries like China, Taiwan.
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Speaker 2: Look a's interesting times. I think for us, we've just
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Speaker 2: got to be mindful make.
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Speaker 3: Sure that we've got alternatives, and we have, so that's amazing.
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Speaker 1: Dean Brown has been leading the Asthmus Group for the
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Speaker 1: past six years. He did the deal to lease out
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Speaker 1: the site. In this interview, we discuss why he's confident
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Speaker 1: the commodity will stay in demand after its price has
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Speaker 1: fallen over the past two years.
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Speaker 4: Dang, thank you so much having us here. Good to
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Speaker 4: be here.
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Speaker 2: Welcome, thank you coming to jury.
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Speaker 4: Are most welcome. It's awesome. This is very cool.
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Speaker 1: I love hard commodity stuff like this, so I'm very
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Speaker 1: pleased to be here.
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Speaker 4: I guess the first question.
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Speaker 1: Is why why build a house of this scale, and
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Speaker 1: especially why now?
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Speaker 2: Why now? Why now? Is getting ready for when the
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Speaker 2: market picks up.
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Speaker 3: But we have been had this in the pipeline probably
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Speaker 3: for the last four or five years. To find an
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Speaker 3: existing DC to stock steels very challenging, so we knew
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Speaker 3: we had to do a design and build. Started on
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Speaker 3: that journey before COVID. We parked it when COVID hit,
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Speaker 3: and probably about six twelve months later, we were up
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Speaker 3: to our guns with stock and we thought, right, we've
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Speaker 3: got to get this project back on the table. And
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Speaker 3: we had still sitting in three sites around Auckland. One
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Speaker 3: site we owned, the other two sites we leased, So
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Speaker 3: it made sense to get everything under the one roof.
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Speaker 4: You see when the market picks up.
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Speaker 1: Yes, so it was up, like you mentioned, demand skyrocketed.
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Speaker 1: It's now fallen quite dramatically with the state of our economy.
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Speaker 1: Talk to me about the demand dynamics right now and
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Speaker 1: why you're still bullish enough on construction in this country
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Speaker 1: which gives you the confidence to build this now.
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Speaker 2: Well, the market is cyclical and we've had a great run.
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Speaker 3: You know, I don't think any of us could have
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Speaker 3: imagined how well the how well the industry went, you know,
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Speaker 3: twenty one to twenty two.
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Speaker 2: We call it the sugar rush.
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Speaker 3: I suppose commodity prices went up through the roof, volumes
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Speaker 3: went up through the roof.
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Speaker 2: Demand was very high.
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Speaker 3: We knew what comes up, it's got to come down,
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Speaker 3: so as even keeping by board at at ease and saying, look,
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Speaker 3: enjoy it while we can, but we know it's going
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Speaker 3: to come down off the high site. But we saw
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Speaker 3: no other time better now because we needed to do
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Speaker 3: this bit of work. And it's probably been a blessing
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Speaker 3: in some ways that we're doing it in the quiet
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Speaker 3: time because we can still maintain a.
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Speaker 2: Very good service level. But we are.
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Speaker 3: Confident that the market will pick up again. There's just
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Speaker 3: so much infrastructure investment that's required across New Zealand and
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Speaker 3: as for Asthmus, we want to be ready. So the
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Speaker 3: time has actually worked out quite well as far as
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Speaker 3: trading at the moment. It's tough though there to say, Look,
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Speaker 3: the last six months we're on the bottom.
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Speaker 2: We're waiting for it to pick up.
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Speaker 3: I think it's going to be probably challenging times probably
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Speaker 3: for the next six to twelve months, to be honest.
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Speaker 4: So you're an importer, Yes, we have commodities, so is
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Speaker 4: all of the steel around us. All of these beams.
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Speaker 4: Are these pre purchased or you've just.
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Speaker 1: Imported these and expect to sell them at the same
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Speaker 1: price that you purchase them, or at a high price
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Speaker 1: in future for future projects.
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Speaker 2: How does that show it?
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Speaker 3: So look, yes, all this is for stock, so these
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Speaker 3: are for orders that we have not received yet, so
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Speaker 3: it is a big investment. We do indents as well,
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Speaker 3: so those indents will come from our supply straight to
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Speaker 3: the customer. But all this which you're seeing in this
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Speaker 3: warehouse is stocked for projects.
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Speaker 4: How much is it here at the moment, Well.
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Speaker 3: At the moment we've come in and look, it's always
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Speaker 3: hard to design a DC because if you build it
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Speaker 3: too small, you don't have enough capacity before the paint's
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Speaker 3: even dried. And if you go too big, especially in
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Speaker 3: Auckland where property prices are high, so you've got to
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Speaker 3: find the right balance.
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Speaker 2: So we did quite a lot of modeling. We've come
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Speaker 2: in here.
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Speaker 3: We're around fifty five percent capacity at the moment, so
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Speaker 3: we've got room to grow. And then we've also got
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Speaker 3: a plan B of what we do next in five
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Speaker 3: to six years if we are at capacity. So this
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Speaker 3: DC has been designed to supply the Golden Triangle for
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Speaker 3: want of.
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Speaker 2: A better word.
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Speaker 3: Even though we have branches in Hamilton and branches in Twonger,
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Speaker 3: a lot of the big structural steel will be fed
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Speaker 3: from here straight down to those sites as well.
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Speaker 4: Goldilocks. You want that size to be to be just right,
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Speaker 4: that's right.
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Speaker 1: Can you give me a dollar figure on the investment
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Speaker 1: or even something ballpark because I know that you're a
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Speaker 1: private operator and you're probably don't want the exact dollar
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Speaker 1: amount out there.
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Speaker 2: Look, the investment's a big.
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Speaker 3: Look the lands, the land out here, This is a
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Speaker 3: two hectare site, so you're talking, you know, you're talking
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Speaker 3: over sort of fifteen to seventeen million for the land,
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Speaker 3: and then the build itself is around about twenty five
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Speaker 3: million for the bill.
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Speaker 2: So these are big investments that you need to make.
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Speaker 1: On the dollar figure on how much steel you've imported
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Speaker 1: to stockpile here though, what's that?
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Speaker 3: Well, it's a long term play and you're taking that
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Speaker 3: on a long term position, right, And it's where we're
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Speaker 3: backing ourselves. As MS has been around for one hundred
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Speaker 3: years with weathered many cycles. This we see is just
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Speaker 3: another cycle and you just got to hold your nerve
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Speaker 3: and it will it'll pay dividends.
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Speaker 1: What about New Zealand's current infrastructure environment, the money going
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Speaker 1: to it, the confidence being thrown at it. What about
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Speaker 1: that gives you confidence that you can make at this big?
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Speaker 2: Well, you for us making a bit too big.
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Speaker 3: It's we consolidated three sites, so we had to do
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Speaker 3: it for our own business. We needed to do it
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Speaker 3: to improve operational efficiency and improve safety as well. It's
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Speaker 3: a fast, safe a site. Everything's under hook, everything's undercover,
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Speaker 3: so we need to do that regardless. Otherwise you decide
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Speaker 3: are we going to be in the market, So you
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Speaker 3: either get in boots of wall or you decide to
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Speaker 3: make the decison to get out. And we see it's
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Speaker 3: an important part of the market. There's a lot of investment. Yes,
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Speaker 3: it's slowed down with cost of finance inflation. A lot
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Speaker 3: of big projects are coming to an end, but there's
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Speaker 3: a lot of other work that's in play, and once
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Speaker 3: that picks up, we'll be ready.
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Speaker 1: Bottom line, we have an infrastructure deficit and you're getting
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Speaker 1: ready to help fill it.
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Speaker 3: Correct And this has been a huge enabler for us
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Speaker 3: because our property in Mount Wellington where probably probably sixty
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Speaker 3: percent of the steel in this building was on that site.
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Speaker 3: Jury has been an enabler for us to develop that
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Speaker 3: site now. So we have started an eight million dollar
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Speaker 3: reinvestment on that site, building all the offices total new
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Speaker 3: fit out, get people back to work, get people back
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Speaker 3: in the office, and then the back part of that building,
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Speaker 3: which is about a ten thousand square meter warehouse as well.
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Speaker 3: We're in the process of redeveloping stage two of that now,
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Speaker 3: putting a whole new racking system in palette racking, and
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Speaker 3: that's for our valve and fitting business again all targeted
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Speaker 3: getting ourselves ready for the infrastructure investment when.
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Speaker 2: It does happen.
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Speaker 1: Tell me about the kind of projects that your products
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Speaker 1: go into. You said, Asthmus has been around for over
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Speaker 1: one hundred years. It was started in nineteen twenty, which
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Speaker 1: is a very long time ago. Incredible that it's been
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Speaker 1: around for that long. What kind of projects has Asthma's
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Speaker 1: been involved in and what kind of projects going forward
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Speaker 1: you're expecting to sell your product.
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Speaker 3: Asthmus has been involved in some of the biggest infrastructure
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Speaker 3: projects in New Zealand. You go back through to a
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Speaker 3: lot of the think big projects, Hunty Power Station, a
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Speaker 3: lot of the hydro stations, geothermal, Marsden Point Refinery in
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Speaker 3: nineteen sixty five, we supplied a lot of ours into that.
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Speaker 4: That's amazing, so very.
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Speaker 3: Strong pulp and paper with the likes of OG in
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Speaker 3: that market. We supply those industries today. The Central Interceptor
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Speaker 3: has probably been one of our most recent where we
9:57
Speaker 3: supplied a number of our into that project, but also
10:02
Speaker 3: polyethylene pipe as well, so we extrude polyethylene pipe for
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Speaker 3: water pressure systems. We make that in Hamilton, so we're
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Speaker 3: supplying those sort of projects as well.
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Speaker 1: Think Big was a great initiative for businesses like this.
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Speaker 1: Do you think we need something like that again?
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Speaker 4: Or if I can ask.
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Speaker 1: That another way, is your business hoping that we see
10:26
Speaker 1: something like that again in this country?
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Speaker 2: Look, I think we are hoping for it.
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Speaker 3: I think New Zealand needs investments and we can't do
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Speaker 3: it alone. And I think it's how does the government
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Speaker 3: attract good offshore strategic partners who can help us get there,
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Speaker 3: because I don't think we're going to get there alone,
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Speaker 3: but it needs to happen. You can't not do the maintenance,
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Speaker 3: you cannot repair the pipes. This work has to be done.
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Speaker 3: So we're just being patient. I think our cels, our competitors,
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Speaker 3: a lot of our custom in that civil infrastructure market,
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Speaker 3: we're all being patient at the moment. It was great
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Speaker 3: to hear the government talk about the fast track projects
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Speaker 3: and release of one hundred and forty odd projects. Which
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Speaker 3: are they going to try and get those moving? But
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Speaker 3: at this stage it's talk. What we're all looking for
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Speaker 3: is the action right and then things will start moving again.
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Speaker 1: Let's talk about steel demand globally, it's been falling, yes,
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Speaker 1: for the past three years, according to the World Steel Association,
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Speaker 1: if we do have an uptick care that would be
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Speaker 1: a tiny blip to help production globally. What are you
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Speaker 1: seeing with the businesses that you deal with? Can you
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Speaker 1: import from yes, around the world. Are they struggling? Are
11:42
Speaker 1: they glad that you're at least buying their products?
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Speaker 3: Well, I think they're glad we're buying. I think, look,
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Speaker 3: there is more demand. There's more supply than there is
11:48
Speaker 3: demand out there. China sort of sets the pace as
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Speaker 3: far as what's happening with prices.
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Speaker 2: Out there in the marketplace.
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Speaker 3: Their exports out of China have increased dramatically over the
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Speaker 3: last few years.
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Speaker 2: And then Jina's trying to.
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Speaker 3: You know, they've introduced the stimulus to get infrastructure going
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Speaker 3: again there, but that is going to take some time.
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Speaker 3: So I think we I think we we think we're
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Speaker 3: at the bottom, like we're.
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Speaker 2: Not quite back where we were pre COVID.
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Speaker 3: But that said, you know, energy costs for making steel
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Speaker 3: has increased, labor costs has increased, shipping costs have increased.
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Speaker 4: Yet the steel prices down.
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Speaker 3: And the steel prices have come down deserts and you've
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Speaker 3: just got to navigate that and you've just got to
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Speaker 3: You've just got to pick your battles of what projects
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Speaker 3: you go after, and sometimes you've just got to take
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Speaker 3: a pause and be patient as well.
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Speaker 1: So you're quite wise then, given that there is excess capacity, yes,
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Speaker 1: and steel, and you're buying and you can stock pilot.
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Speaker 1: This stuff isn't food, it doesn't expire. It may rust,
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Speaker 1: but you can clean it and it's still usable.
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Speaker 4: Right, pretty wise, that's correct.
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Speaker 2: But you need to have the range and you need
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Speaker 2: to be ready. And we're still moving.
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Speaker 3: You know, our violumes are down probably around about five
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Speaker 3: to six percent down on last year, so we're managing
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Speaker 3: our position. Okay, look, we're expecting the market to soften
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Speaker 3: and we've just got to ride through it.
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Speaker 2: Now.
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Speaker 3: I'd like to be the optimistic and saving is going
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Speaker 3: to come right early next year, but I honestly I
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Speaker 3: think it's going to take a bit longer than that.
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Speaker 1: But what I said to you is that this is
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Speaker 1: the infrastructure behind the infrastructure.
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Speaker 4: This is the construction supply chain.
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Speaker 1: How critical is all of this, the product, the commodity
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Speaker 1: behind the scenes to actually making construction happen in this country.
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Speaker 3: It's very important because they need you know, there's some
13:37
Speaker 3: customers who will indent for large projects, but you still
13:40
Speaker 3: need the local stock. Your lee time for this product
13:44
Speaker 3: is twelve to fourteen to fifteen weeks.
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Speaker 2: Wow.
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Speaker 3: So a lot of our ordering fitting in with the
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Speaker 3: mill runs overseas, so they are the long lea times
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Speaker 3: as well, so you need to accommodate that.
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Speaker 1: So effectively you want constructors to come to you.
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Speaker 4: You've got the product ready to go, so you're in
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Speaker 4: front of line.
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Speaker 3: That's correct, absolutely, and look, it comes look as steel
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Speaker 3: is a commodity, but it's more than just steel. It's
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Speaker 3: about look table stakes as we're all bringing in quality
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Speaker 3: product from repidal mills that meet a standard.
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Speaker 2: I think some of the differentiators are your people.
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Speaker 3: It's certainly your service delivery model is really important. The
14:23
Speaker 3: relationships your people have is very important. And making sure
14:27
Speaker 3: your people got the product knowledge right so you can
14:30
Speaker 3: still differentiate in a commodity.
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Speaker 2: But it's still very tough, you know.
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Speaker 3: And look, we've all come off very high stock levels,
14:37
Speaker 3: so the market I think a number of us where
14:41
Speaker 3: our stock levels increase eighty percent from where they were
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Speaker 3: pre COVID, we've all.
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Speaker 2: Rebalanced back a lot better.
14:49
Speaker 4: Now, how much down are you from that.
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Speaker 2: Now we're down. We're down.
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Speaker 3: We got very high at the peak, had the tiger
14:57
Speaker 3: by the tail, if you wanted to call it. I
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Speaker 3: was looking for other sites around Auckland to stock steel
15:03
Speaker 3: because what was happening is.
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Speaker 2: A lot of the shipments were being consolidated.
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Speaker 3: So while we thought we had a thousand tons comeing
15:09
Speaker 3: into the port, there could be two thousand tons come.
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Speaker 2: Into the port and you had to clear it very quickly.
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Speaker 2: So that was very challenging.
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Speaker 1: We have domestic steel manufacturers in this country, so you
15:20
Speaker 1: do why should the big projects use imported steel instead.
15:24
Speaker 2: The domestic steel.
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Speaker 3: As for US, New Zealand Steel and they're a great
15:27
Speaker 3: partner of ours. The plate you saw out under the canopies,
15:31
Speaker 3: majority of theirs from.
15:32
Speaker 4: New Zealand Steel, Fletcher Steel sign on there.
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Speaker 3: It could be too so they look but they're a
15:37
Speaker 3: strategic partner for us. But they manufacture plate, very very
15:43
Speaker 3: big in their wire products and also in roofing irons
15:47
Speaker 3: and coil product. But they don't mean if no one
15:50
Speaker 3: in New Zealand and manufacturing structural steel or hollows, so
15:54
Speaker 3: we need to import that product.
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Speaker 4: Would you ever consider getting into manufacturing No?
15:59
Speaker 3: There the scale, just the economics don't stack up.
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Speaker 2: That don't stack up. You need to New Zealand.
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Speaker 3: While we punch above our weight in the global scheme
16:10
Speaker 3: of things, if you look at the total supply of
16:13
Speaker 3: steel into New Zealand, it's still quite small.
16:16
Speaker 1: Economics of this investment, when are you expecting to break
16:19
Speaker 1: even on it?
16:20
Speaker 2: Oh, we're very comfortable with this building.
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Speaker 3: Look, we've come in to this on a this is
16:24
Speaker 3: a design build lease. We've gone a twenty year term,
16:28
Speaker 3: so we're a long term strategic partner. We could have
16:32
Speaker 3: built this ourselves, but we've got other investment projects that
16:36
Speaker 3: we're working on and we'd rather use that capital on
16:40
Speaker 3: those areas.
16:41
Speaker 2: So we're more than comfortable. We built this at the
16:43
Speaker 2: right time.
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Speaker 3: We got in there just before the interest rates started
16:49
Speaker 3: to increase, So we're very comfortable and we've got certainty
16:53
Speaker 3: on the site for the next twenty years.
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Speaker 4: So look around.
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Speaker 1: Then, What would your message be to anyone wanting to
16:59
Speaker 1: kick start a project, a big infrastructure project, You guys
17:02
Speaker 1: are good to go.
17:03
Speaker 3: Look, I think if you I think you've got to
17:05
Speaker 3: look ahead, you've got to back yourself. I think you've
17:08
Speaker 3: got to really look at where your strategic position is
17:10
Speaker 3: and where you want to be the next five and
17:12
Speaker 3: ten years for Asthmus, regardless of the ebbs and flows
17:16
Speaker 3: of the market. We need to do it ourselves because
17:20
Speaker 3: we have already seen productivity gains. It's enabling us to
17:25
Speaker 3: do what we need to do in Mount Wellington and
17:28
Speaker 3: we've got the balance sheet to do it. So we're
17:31
Speaker 3: going through quite an exciting time because Asthmus has flyn
17:33
Speaker 3: under the radar for many, many years.
17:36
Speaker 2: So our board and our.
17:37
Speaker 3: Shareholders are very excited because this is one of several
17:40
Speaker 3: investment projects which we're underway with which is great.
17:43
Speaker 1: I wasn't going to ask you this, but you certainly
17:45
Speaker 1: do fla under the radar as a business.
17:47
Speaker 4: It's a real privilege to be here.
17:48
Speaker 1: Lovely, Why come on camera and show us around your warehouse.
17:52
Speaker 3: Look, I think it's it's time that we do beat
17:54
Speaker 3: the drum a little bit. I think, Look, we work
17:58
Speaker 3: with some of New Zealand's biggest fabricators who are great customers,
18:03
Speaker 3: some of the biggest civil infrastructure organizations in New Zealand,
18:07
Speaker 3: and I think they want to see Asthmus out there
18:10
Speaker 3: beating the drama a little bit as well.
18:12
Speaker 2: We've been around for a long time.
18:14
Speaker 3: I think there's not many companies which are what I
18:17
Speaker 3: call New Zealand Inc.
18:18
Speaker 2: That have been around for as long as we have.
18:21
Speaker 3: With fifth generation getting involved in Asthmus now as far
18:24
Speaker 3: as at a board level, fifth generation family, family business
18:27
Speaker 3: that's incredib absolutely yeah. And they still as committed to
18:31
Speaker 3: the business and the future of the business.
18:33
Speaker 2: So it's pretty.
18:33
Speaker 4: Exciting and the future of the country by the lacks.
18:35
Speaker 2: Absolutely and for me it's a privilege to be part
18:37
Speaker 2: of it.
18:38
Speaker 3: They got a lot of support, a lot of autonomy
18:42
Speaker 3: and here we're looking forward to what the next five
18:44
Speaker 3: to ten years will bring for us.
18:46
Speaker 4: Well, thank you for having us really appreciate it.
18:47
Speaker 2: Doan thank you very much. Thank you for coming in