Business / Companies
The New Zimbabwe Steel Company officially launched
03 Aug 2011 at 21:36hrs | Views
President Robert Mugabe officially launched the New Zimbabwe Steel Company on Wednesday and he has urged employees of public enterprises to safeguard national interests.
The New Zimbabwe Steel Company was formerly known as Zimbabwe Iron and Steel Company (ZISCO) is now majority held by Essar, an Indian company which was awarded the tender to take over ZISCO operations, debts and mineral deposits at both Buchwa and Chivhu with 54% of the shares while 46% shares remain with Zimbabwe.
Speaking at the official opening of the New Zimbabwe Steel Company formerly known as Zimbabwe Iron and Steel Company (ZISCO) in Redcliff this Wednesday, President Mugabe said the negligence demonstrated by the former administrators of ZISCO leaves a lot to be desired.
Mugabe said the Look East Policy is beginning to bear fruit as Zimbabwe and India have cordial relations.
The current rehabilitation exercise will see blast furnace one, two and three back on stream in 12 months, while blast furnace four will be ready in 27 months, thereby enabling the country to produce 2,5 million tonnes of steel per annum.
Government media reports that most of the former ZISCO employees had resorted to illegal gold mining and other illicit deals for survival since the collapse of the company.
The New Zimbabwe Steel Company was formerly known as Zimbabwe Iron and Steel Company (ZISCO) is now majority held by Essar, an Indian company which was awarded the tender to take over ZISCO operations, debts and mineral deposits at both Buchwa and Chivhu with 54% of the shares while 46% shares remain with Zimbabwe.
Speaking at the official opening of the New Zimbabwe Steel Company formerly known as Zimbabwe Iron and Steel Company (ZISCO) in Redcliff this Wednesday, President Mugabe said the negligence demonstrated by the former administrators of ZISCO leaves a lot to be desired.
The current rehabilitation exercise will see blast furnace one, two and three back on stream in 12 months, while blast furnace four will be ready in 27 months, thereby enabling the country to produce 2,5 million tonnes of steel per annum.
Government media reports that most of the former ZISCO employees had resorted to illegal gold mining and other illicit deals for survival since the collapse of the company.
Source - Byo24News
