The revival of the once mighty Ziscosteel is expected to be finalised before March 31 in line with the Ministry of Industry, Commerce and Enterprise Development’s 100 day results initiative.
Speaking at the launch of the Motor Industry Development Policy, Industry, Commerce and Enterprise Development Minister Dr Mike Bimha revealed that Ziscosteel will be vital to the revival of the motor industry and its re-opening is very imminent.
The granting of the Midlands corridor special economic zone status by the Special Economic Zones Authority of Zimbabwe is expected to enhance the iron and steel industry value chain as companies will benefit from special conditions.
Ziscosteel was the largest steel works in Africa directly employing more than 6 000 people and thousands of jobs in downstream and related industries but operations were crippled by a huge debt overhang, mismanagement and an economic slump in the 2000s.
It also used to produce more than 50 000 tonnes of iron and steel products annually with companies such as the National Railways of Zimbabwe (NRZ), Hwange Colliery and Zimchem also benefiting from the provision of goods and services to the giant firm.