Business / Companies
Chinese firm to set up another steel plant in Zimbabwe
05 Feb 2014 at 10:48hrs | Views
Shanghai-based Tsingshan Iron and Steel Group has expressed interest to invest in a second steel plant for Zimbabwe, an official has said.
Deputy Chief Secretary in the Office of the President and Cabinet Christian Katsande said the company had already engaged Government on the modalities of the construction of the plant.
"The plant will be a different venture from the NewZim steel. It will focus on stainless steel," he said.
Katsande however could not disclose the amount invested for the plant, he said the plant would be involved in large production volumes of steel.
He said by the end of the first quarter, discussions on the steel plant would have been completed.
He said investors were seeking assurance from Government that their investments would be safe.
"We as Government and Office of the President are taking part in discussions to make sure that investments are taken care of," he said. Also speaking at the same event, Permanent Secretary for Industry and Commerce Abigail Shoniwa said work at NewZim Steel would begin by next week.
She said a team of engineers would be coming into the country on Friday to start work on the ground.
"Technical people from the investor will be working into next week and they will be bringing in some machinery from China to kick-start the work," she said.
She added that there was work to operationalise subsidiaries of NewZim Steel as soon as possible.
She said Lancashire steel in particular was in line for retooling so that it could be operational.
Deputy Chief Secretary in the Office of the President and Cabinet Christian Katsande said the company had already engaged Government on the modalities of the construction of the plant.
"The plant will be a different venture from the NewZim steel. It will focus on stainless steel," he said.
Katsande however could not disclose the amount invested for the plant, he said the plant would be involved in large production volumes of steel.
He said by the end of the first quarter, discussions on the steel plant would have been completed.
He said investors were seeking assurance from Government that their investments would be safe.
"We as Government and Office of the President are taking part in discussions to make sure that investments are taken care of," he said. Also speaking at the same event, Permanent Secretary for Industry and Commerce Abigail Shoniwa said work at NewZim Steel would begin by next week.
She said a team of engineers would be coming into the country on Friday to start work on the ground.
"Technical people from the investor will be working into next week and they will be bringing in some machinery from China to kick-start the work," she said.
She added that there was work to operationalise subsidiaries of NewZim Steel as soon as possible.
She said Lancashire steel in particular was in line for retooling so that it could be operational.
Source - BH24
