Overseas investment decision for case 200620002 - New Zealand Steel Limited

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant is wholly owned by BlueScope Steel Limited, an Australian Stock Exchange listed, flat steel solutions company with a manufacturing presence in Australia, New Zealand, Asia and North America. The Applicant is New Zealand's sole producer of flat rolled steel products for the building, construction, manufacturing and agricultural industries and operates a fully integrated steel mill at Glenbrook situated south of Auckland. The steel mill is surrounded by 500 hectares of farmland acting as a greenbelt buffer zone around the steel mill. The acquisition of the subject land will provide an expansion of the greenbelt buffer zone around the steel mill.

The Applicant operates a livestock farm in and around the greenbelt area. The subject property will be amalgamated into the existing greenbelt area and farming operation.

The proposal is likely to result in an increase in the area of greenbelt "buffer" land situated around the steel mill site thereby continuing to minimise the environmental and aesthetic impact on the local community. This is likely to facilitate any future expansion of the steel mill without adversely affecting the local community.