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Wednesday, May 29, 2024

Iron & steel industry revival on course

Story by Owen Mandovha

GOVERNMENT is on course to revive the iron and steel industry as the implementation of the engineering, iron and steel sector strategy has realised massive foreign investments into the sector while reviving companies such as ZISCO Steel.

The successful implementation of the engineering, iron and steel sector strategy is driving the resuscitation of the sector to ward off iron and steel imports which gobble at least one billion United States dollars annually.

An industry report recently presented by the Minister of Industry and Commerce Dr Sekai Nzenza shows that anchoring this strategy is construction of the Manhize Iron and Steel Plant in Mvuma by Chinese global steel giant Tshingshan.

The plant will result in Zimbabwe becoming a net exporter of steel with the plant’s one million tonne annual capacity to top Africa’s iron and steel production.

Construction of the US$1 billion plant is above the half-way mark and expected to generate over 10 000 direct jobs and over 50 000 indirect ones.

The decisive measures by government to resuscitate ZISCO steel once Africa’s largest steel plant, is taking shape after the injection of funds by Kuvimba Mining House.

The firm has set a five-year plan to complete the revival of the steel giant as the Second Republic seeks to create a robust sector that fully supports the renaissance of the Zimbabwe’s economy.

The Engineering, Iron and Steel Sector Report is advocating for the creation of an industry worth US$6 billion annually, creating over 50 000 direct jobs.

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