It is reported that a weaker Australian construction sector has forced Fletcher Building to pull plans to buy the steel products company Fielders Australia.

Mr Paul Zuckerman CEO steel division at Fletcher Building said that market volatility and uncertainty has put paid to buying Fielders at this time.

No purchase price had been given, but last month Fletcher Buildings said that Fielders had annual sales of AUD 275 million. Analysts estimated the acquisition would cost between AUD 150 and AUD 200 million.