News / National
Zimbabwe strikes steel deal
03 Nov 2022 at 19:00hrs | Views
Engagements at the Africa Investment Forum 2022, which is ongoing here, have already paid dividends for Zimbabwe, with one of the deals in steelmaking worth US$105 million, from a combined portfolio of US$265 400 000 under discussion for possible funding, having been sealed.
The Steelmakers Limited-supported project finance venture involves the construction, set-up and installation of an integrated steel plant to produce about 300 tonnes of merchant mill-rolled products yearly.
There will also be a 300MW power plant.
"Those who want to make money go to Steelmakers. You will make money. Just like all other developing countries, we have been constructing railway lines, dams, roads, houses, and airports in all these sectors and the market assessment is huge," the President told investors yesterday ahead of the taking up of the project.
In an interview here last night, Steelmakers Limited's chief executive officer, Dr Kalpesh Patel, confirmed the uptake of the deal, adding that further details will be available in due course.
"The simple word is we won. We have secured funding, and we have started the work on the ground," he said.
"The details will emerge yet. These have just been discussions that have emanated from commitment. And, it has to do with the funding of the expansion of the steel plant, which will take us to 300 tonnes plus a 300-megawatt power plant."
The Steelmakers Limited-supported project finance venture involves the construction, set-up and installation of an integrated steel plant to produce about 300 tonnes of merchant mill-rolled products yearly.
There will also be a 300MW power plant.
"Those who want to make money go to Steelmakers. You will make money. Just like all other developing countries, we have been constructing railway lines, dams, roads, houses, and airports in all these sectors and the market assessment is huge," the President told investors yesterday ahead of the taking up of the project.
In an interview here last night, Steelmakers Limited's chief executive officer, Dr Kalpesh Patel, confirmed the uptake of the deal, adding that further details will be available in due course.
"The simple word is we won. We have secured funding, and we have started the work on the ground," he said.
"The details will emerge yet. These have just been discussions that have emanated from commitment. And, it has to do with the funding of the expansion of the steel plant, which will take us to 300 tonnes plus a 300-megawatt power plant."
Source - The Herald
