N.Z. STEEL INDUSTRY

Press, Volume XCVIII, Issue 28792, 13 January 1959, Page 11

N.Z. STEEL INDUSTRY

Reply To London

Journal

(New Zealand Crest Association) DUNEDIN, January 12. "A steel industry could be the beginning of a new era of industrial prosperity for New Zealand. It is only too easy to cast doubts on the economic practicability of a major iron and steel industry in the Dominion, but some vital factors cannot be ignored.”

This was said today by Mr J. M. Elliotte, a director of the New Zealand Development Corporation, Ltd., which has plans for a major iron and steel industry based on the use of iron sands.

Mr Elliotte was replying to doubts as to the advisability of establishing a scheme in the Dominion expressed in an article in the London publication “New Commonwealth.’ ’

“The corporation, in association with its overseas consultants, has laid before the Government plans for an industry producing 160.000 tons of steel a year, and costing about £10,000,000. which is much less than the £30,000.000 suggested by the ‘New Commonwealth’ and based on statements made.” said Mr Elliotte. “It should also be remembered that the industry could be started without the use of scrap at all. It could, moreover, be in operation within five years, and not eight, as suggested by Dr. Colclough.”