STEEL INDUSTRY

Greymouth Evening Star, 29 August 1934, Page 11

STEEL INDUSTRY

NEW ZEALAND ENTERPRISE. [PEB PBESS ASSOCIATION.] DUNEDIN, August 28. An “Otago Daily Times” reporter has been making inquiries regarding Pacific Steel Ltd., which has figured prominently in connection with the proposal to establish extensive steel works in the Dominion. As a result, it. was learned that Pacific Steel Ltd. is a company which was incorporated in Great Britain, and of which the directors and shareholders are all New Zealand men. It was established at the beginning of last year by Messrs lan S. McDonald, J. C. Clark, and A. P. F. Watson, the two former being ex-residents of Dunedin. The objects of the Company were to take over the interests of the Onakaka Iron and Steel Company, and otherrights over minerals, properties, etc., which were considered necessary in the establishment of the industry. The Company aimed at the establishment of an up-to-date steel works in the Dominion for the making of rails, joists, girders, channels, plates, sheets, tubes, wire bars, bolts and rod, and other mercant sections. Its original capital was subscribed by the three original directors, and has since been added to. It was intended that the Company should cater fully for the New Zealand market, and, in addition it was anticipated that it should enter, to a considerable extent, in overseas markets. A report will be submitted in due course to the directors of Pacific Steel Ltd. If the report is favourable, finance will be available from London to the extent of £2,000,000