While touring Ziscosteel with the inter-ministerial committee today, the Industry and Commerce Minister Sekesai Nzenza said the closure of one of Zimbabwe’s former manufacturing giants has resulted in Zimbabwe importing steel and steel products worth US$1.1 billion, bleeding the country of the much needed foreign currency which could have been used in other sectors of the economy, New Zimbabwe reports.
Nzenza reportedly said:
I trust that we all agree that the steel industry is the backbone of the industry as it provides raw materials to agriculture, construction, mining, and transport industry among others. Currently, the country is importing about US$1.1 billion worth of steel and steel products per annum.
In order to successfully revive Ziscosteel, it is critical that we curtail the loss of assets and unchecked debt accumulation. I am informed that Ziscosteel is currently working on strategic and business plans with a view to remodel the industry by building a business case that attracts investment, restores competitiveness, and builds capacity throughout the value chain of the iron and steel industry in Zimbabwe.
Over 2 years ago President Mnangagwa promised to revive the former Midlands giant that during its prime employed 5000 people in his 100-day plan.
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