27 May 2004

New Zealand company investment celebrated

New Zealand Steel is one of New Zealand's top companies and it's very pleasing to see them making strong investment decisions, Jim Anderton, Minister for Economic Development said today.

Mr Anderton visited New Zealand Steel in Glenbrook today and encouraged other big companies to make similar capital investments to boost productivity and build up the potential of New Zealand's top companies.

"New Zealand Steel's recent $15 million investment in the Glenbrook Steel plant is a good example of the kind of investment our top companies need to compete at the top of their global markets. This is the sort of investment that the country needs to underpin ongoing high quality job opportunities for Kiwis.

"Adding to the country's capital stock, just as New Zealand Steel have been doing, will contribute to creating quality jobs and increasing productivity. They expect to increase their capacity by more than 10 per cent and have also started training staff in the new process equipment.

"Capital investment and upskilling staff are two of the most important things companies can do to contribute to economic growth in New Zealand. I celebrate that with them and wish New Zealand Steel all the best with their new plans.

"Investment in industry is absolutely vital if we are going to continue to raise New Zealand’s income and New Zealanders' job and life opportunities in their own country," Mr Anderton said.

ENDS

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