"Steel & Tube's representations arose because senior management of a large company failed to put in place adequate procedures and oversight," commission chair Mark Berry said in a statement.
"The penalty imposed today demonstrates that this is unacceptable and high-risk conduct that undermines the confidence of the public in construction products being sold into the market."
The company pleaded guilty in August last year, three days before reporting a 22 per cent slump in annual profit. The result acknowledged the prosecution and included costs, penalties and fines that could be imposed within its $4.8m of provisioning.
At the time, then-chief executive Dave Taylor said the company was working with the Commerce Commission to reach an appropriate resolution and that "the expected costs of this prosecution have been accrued, as have any expected proceeds under the group's insurance policies", without explicitly stating that it had entered a guilty plea.
Taylor stepped down a month later, ending eight years in charge of the company.
Under new CEO Mark Malpass, Steel & Tube has strengthened its balance sheet with a deeply discounted rights issue, fended off an opportunistic takeover bid by Fletcher Building, and now has its major supplier - New Zealand Steel - as a cornerstone shareholder.
Steel & Tube shares were recently up 1.5 percent to $1.38.
