By Kuda Chideme, HARARE, January 17 (The Source) – Government will assume Ziscosteel’s estimated $450 million debt in order to make the steel giant attractive to the Chinese firm R&F which has agreed to invest in the company, finance minister Patrick Chinamasa has said.
HARARE, January 16 (The Source) – Moribund steelmaker, Ziscosteel on Tuesday announced that it will be seeking approval from its minority shareholders to allow Government to assume its debt estimated at $450 million, and its takeover by Hong Kong firm, Tian Li.
HARARE, October 19 (The Source) – Zimbabwe has signed an agreement with Hong Kong-based R&F for the Chinese property firm to invest $1 billion to revive fallen steelmaker, Ziscosteel, Industry Minister MIke Bimha said on Thursday.
HARARE, August 31 (The Source) – From inside what used to be the commentary box, high above what is left of the sports field at Torwood Stadium, one can look across to the pile of rust that was once one of Africa’s largest steel factories.… Read More
HARARE, August 31 (The Source) – On Monday this week, government announced that Chinese firm R&F will invest $1 billion in Zimbabwe Iron and Steel (Ziscosteel), the latest attempt to revive the once the largest integrated steel works in the region which shut in 2008.… Read More
HARARE, August 28 (The Source) – Chinese firm R&F will invest $1 billion in Zimbabwe Iron and Steel (Ziscosteel), a Minister said on Monday, the latest attempt to revive the moribund steelmaker, once the largest integrated steel works in the region which shut in 2008.… Read More
MUTARE, April 3 (The Source) – Zimbabwe is still paying off loans used to fund strategic national projects that have long become derelict or defunct due to lack of proper maintenance and care, central bank governor John Mangudya has said. Mangudya was speaking during a… Read More
HARARE, October 12 (The Source) – The Zimbabwe Investment Authority (ZIA) says the country lost potential investments worth nearly $3 billion in 2015 as a result of bureaucracy and corruption. The multimillion agreement with the Essar to revive the Zimbabwe Iron and Steelworks (Ziscosteel) was… Read More
HARARE, November 26 (The Source) – Zimbabwe’s government is again scouting for an investor to revive Ziscosteel — once Africa’s largest steelworks — finance minister Patrick Chinamasa revealed on Thursday, confirming the collapse of a deal with India’s Essar group. Presenting the country’s 2016 budget… Read More
HARARE, February 12 (The Source) – Black empowerment lobby group, Affirmative Action Group (AAG) on Wednesday told Parliament that government must reverse the acquisition of Redcliff steel maker, Ziscosteel by Essar Africa Holdings, arguing the economy would not gain any significant benefits from the deal… Read More
By Chipo Musoko, HARARE, February 10 (The Source) – Workers at troubled former steel giant Ziscosteel received only a fraction of their December salaries as the company struggles to generate revenue to meet its monthly costs, amid growing doubts over the Essar takeover, which was expected… Read More
HARARE, August 5 (The Source) – Management at iron and steel giant, Ziscosteel say they are in the dark about the takeover by India’s Essar Holdings and the company is selling scrap metal to remain afloat, Parliament heard on Tuesday. Essar, the African unit of… Read More
HARARE, May 14 (The Source) – Industrial protective workwear manufacturer, James North Zimbabwe reported flat volumes for the first quarter to March this year, but expects demand to rise 20 percent by yearend. The company produces a variety of safety products, including industrial safety shoes,… Read More
By Chipo Musoko, HARARE, May 9 (The Source) – Essar Africa Holdings on Friday said it will build a new 500,000 tonne steel plant at Ziscosteel for $650 million in two years, after resolving differences with government over mineral rights that stalled the project for nearly… Read More
MUTARE, May 8 (The Source) – The government and Essar Africa Holdings have reached an agreement to reopen their jointly owned venture, Ziscosteel, paving way for resumption of operations, industry minister Mike Bimha said on Thursday. The African unit of India’s Essar Group in November,… Read More