National Iron & Steel Mills is formed

In 1959, determined to steer Singapore towards a broader-based economy, the government applied for a United Nations (UN) steel mission to visit the country to study particular lines of industrial growth for Singapore.^[1] Headed by French industrialist P. L. Schereschewsky, the UN team arrived in Singapore in February 1961. The team thoroughly studied a proposal to establish a S$600-million iron and steel mill, and also worked out the basic programme for the development of the country’s steel industry.^[2] In December 1961, the government announced the formation of a S$50-million steel company, the National Iron & Steel Mills Ltd, following a recommendation by the UN mission. Incorporated on 12 August 1961, the company's capital was funded primarily by local businessmen who took an 80 percent stake, while the remaining 20 percent was provided by the Economic Development Board (EDB).^[3]

The iron and steel scheme got off to a promising start and about a year after being incorporated, the company was ready to lay the foundation stone of its plant in Jurong. Doing the honours on 16 September 1962 was then Finance Minister Goh Keng Swee, who underscored the significance of the event not only as a prelude to the country's future as a steel producer and exporter, but also as a promise of steady employment for the country's young workforce.^[4] The Jurong melt shop plant began production in August 1963 and Goh once again officiated at its commencement. With this new development, the National Iron & Steel Mills scored two firsts: the company was the first local initiative setup and managed entirely by Singapore businessmen and also the first major industrial enterprise to be established at the Jurong Industrial Estate.^[5]

References
1. Ministry of Culture. (1964, January 31). Text of Speech by Dr Goh Keng Swee, Minister for Finance, on the occasion of the grand opening ceremony of the National Iron & Steel Mills Ltd. on 31st January, 1964 [Press Statement]. Retrieved November 30, 2013, from National Archives of Singapore website: http://archivesonline.nas.sg/; Ngiam, T. D. (c2006). A mandarin and the making of public policy: Reflections by Ngiam Tong Dow. Simon, S. C. Tay (Ed.). (p. 161). Singapore: NUS Press. Call no.: RSING 959.5705 NGI.
2. Steel mill? S'pore can build big – expert. (1961, February 24). The Straits Times, p. 2. Retrieved from NewspaperSG.
3. $50m. Singapore steel company. (1961, December 16). The Straits Times, p. 25. Retrieved from NewspaperSG; Singapore. Legislative Assembly. Debates: Official Report. (1961, December 7). Annual Budget Statement (Vol. 15, col. 1617). Retrieved August 13, 2013, from Parliament of Singapore website: http://sprs.parl.gov.sg/search/report.jsp?currentPubID=00069039-ZZ
4. Chia, P. (1962, September 16). Steel for Malaysia and lands beyond. The Straits Times, p. 1. Retrieved from NewspaperSG.
5. Television Corporation of Singapore. (1963, August 2). Dr Goh Keng Swee at the National Iron and Steel Mills' meltshop's commencement of operations [Audiotape]. Retrieved November 30, 2013, from National Archives of Singapore website: http://archivesonline.nas.sg/