The board of Steel and Tube is awaiting a grilling from shareholders today, as they front up after being fined nearly $1.9 million for misleading representations about steel mesh.

Mark Lister from Craigs Investment Partners told Mike Hosking there will be some questions asked of the board today.

"What's your plan? and how can you convince us that you're going to be bale execute, pretty much perfectly, on your strategy to get the business back on track?"

The record fine will see shareholders digging into the management of the company, Lister said.

"Anyone who has seen a share fall as significantly as this company's has over a number of years, are going to be fairly unhappy."

"It's important to say that you have a different management team in place now, and I think they are a higher quality management team, but there will be some unhappy shareholders."

He said Steel and Tube has been a "disappointing performer for a few years now" but the fine just takes things from bad to worse.

"It's emerged they were under investigation for the steel issues [and] this is the culmination of that - being given a great dirty big fine."

He said it is good the company now has this behind them but it "doesn't make for great headlines".

"You have had a Fletcher Building bid that is arguable quite opportunistic, a bit of a low-ball offer, it's come and it's gone and the Board will now have to justify to their shareholders how they are going to turn the company around on their own."

Lister said this is an industry-wide issue which shows a number of our constructions companies aren't performing as they should be.

LISTEN ABOVE AS MARK LISTER SPEAKS WITH MIKE HOSKING