Zimbabwe’s largest steel mill to reopen this year
The Zimbabwe Iron and Steel Company (ZISCO) plans to start mining limestone and iron ore by the end of the year leading up to the resumption of steel manufacturing. Limestone and iron ore are key raw materials in steel manufacturing. Before it closed at the height of Zimbabwe’s hyperinflationary era in 2008, ZISCO was one of Africa’s largest steel manufacturers. In its prime, ZISCO produced one million tons of steel annually and employed 5,000 people. Last year, state-owned mineral investment company Kuvimba Mining House (KMH) signed an agreement to help put ZISCO back into operation. According to The Herald, KMH is currently conducting feasibility studies to determine the type of steel ZISCO should manufacture while soliciting the consultative expertise of Germany-based Strategen Company. Once fully owned by the Zimbabwean government, the Mugabe administration was forced to sell a 64% share of ZISCO to India-based Essar Africa Holdings due to debts totaling $340 million. Private investors own 10% shares of ZISCO while the Zimbabwean government owns the remaining 36%.
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