In 1976 Calavrias founded Wellington Steel Ltd with two partners, and steered the business as it grew to employ more than 100 people. In 1990 it was bought by Steel & Tube Holdings Ltd, and he became chief executive the following year.
"During his 18-year tenure, he contributed to employment of thousands of New Zealanders by sourcing locally made products," the investiture said.
"He implemented safety-improvement programmes that have had a long-term impact on New Zealand's steel industry.
"Mr Calavrias has also held several leadership roles in New Zealand's Greek community and been involved in achieving a number of objectives."
A full Greek Orthodox Service will be conducted in the Wellington Cathedral of St Paul, Molesworth St at 11.00am on Wednesday 18 January.
His death has been referred to the Coroner and the Serious Crash Unit is investigating the circumstances of the accident.