Wily defender Sheryl Scanlan returns for her third season with the franchise and is joined by former Australian defender Demelza McCloud.
The Adelaide-based McCloud is no stranger to the New Zealand style of netball. She represented the Otago Rebels in the National Bank Cup in 2007 before joining the Canterbury Tactix for their inaugural ANZ Championship campaign in 2008.
McCloud spent 2009 with the Queensland Firebirds and was called into the Melbourne Vixens team in 2010 as a temporary replacement for the injured Julie Corletto.
"The thrill of the ANZ Championship is so huge. I don't think you ever want to think about playing your career at so many different clubs but, for me, I feel really lucky to have that experience," McCloud said.
"I've been able to take something from each and every one of them and inject it into my own game.
"Now I'm coming back to Dunedin where I began my New Zealand adventure. The culture down there is fantastic and being part of it was really exciting, so it's great to be coming back."
Despite opting not to play in the 2011 ANZ Championship, the towering 1.88m defender has been in impressive form, leading her Matrics team to the South Australian State Championship grand final.
McCloud will reunite with former team-mate and close friend Jodi Brown at the Steel, has played alongside co-coach Natalie Avellino in the past and was coached by Janine Southby at the Rebels.
Scanlan, who amassed 61 test caps and a World Championship title during her seven years as a Silver Fern, was enthusiastic about being a mentor to the Steel's emerging stars.
"This will be a brand new team and it's one of those times, like every team faces at some stage, where Steel needs to have a development phase," she said.
"There is a lot of talent down here to come through the ranks. For players like myself that have been around for a while, it's an exciting time where we can share with the younger ones and assist them to handle the challenges of a competition as intense as the ANZ Championships."
Scanlan and her family have thrived since moving to Invercargill three years ago.
"I'm pretty much a Southland girl now. I love it down here. It's a fantastic experience for anyone to come down here and play in this environment."
Scanlan and McCloud join midcourters Wendy Frew, Hayley Saunders and Courtney Tairi, shooters Jodi Brown and Te Paea Selby-Rickit and defender Louise Thayer.
ANZ Championship franchises have until October 1 to name an initial 10 players with the full squad of 12 to be confirmed with Netball New Zealand by October 31.