Mnangagwa places Zisco under Mutapa Investment Fund

President Emmerson Mnangagwa has taken a significant step toward reviving the defunct Zimbabwe Iron and Steel Company by placing it under the control of the Mutapa Investment Fund.

The move, effected through an amendment to the Sovereign Wealth Fund regulations, formally adds ZISCO to the list of state-owned entities whose shares are now vested in the Mutapa Investment Fund. This means the fund will assume oversight and responsibility for managing and potentially restructuring the once-strategic steel producer.

ZISCO, which was shut down in 2008 amid allegations of corruption and mismanagement, was once the backbone of Zimbabwe's industrial sector. At its peak, it employed more than 5,000 workers and played a central role in supporting manufacturing, construction and mining value chains. Today, only a fraction of that workforce remains.

By transferring ZISCO to the Mutapa Investment Fund, authorities appear to be signalling a shift toward a more centralised and commercially driven approach to managing state assets. The fund has been positioned as a vehicle to unlock value from underperforming government-owned enterprises and attract investment into key sectors.

However, the challenge of reviving ZISCO remains formidable. Years of neglect, mounting debts, outdated infrastructure and failed revival attempts have left the company in a severely weakened state. Previous efforts involving potential investors have stalled, and the steelmaker has long been a recurring political promise without tangible results.

The latest development may renew hope for a turnaround, but its success will likely depend on the government's ability to secure credible investment, implement transparent management practices and modernise operations in a highly competitive global steel industry.