2021 budget places Zisco revival under focus
THE Zimbabwe Iron and Steel Company (Zisco) says the increased support it is getting from the Government would yield positive results and commends the industrialisation thrust of the 2021 National budget.
Domestic production and value addition of iron and steel is strategic to the entire economy hence the Government has placed Zisco revival on its top priority.
The demise of the state-owned steel giant at the height of hyper-inflation in 2008, has seen the country lose up to US$1 billion importing steel related products annually, according to the Ministry of Industry and Commerce.
In his 2021 National Budget outline last Thursday, the Minister of Finance and Economic Development, Professor Mthuli Ncube, reiterated the need to urgently revive Zisco and announced a $2,3 billion allocation in the budget meant to spearhead the industrialisation thrust.
“In 2021, the Government will resuscitate Ziscosteel through innovation and harnessing inward opportunities while working closely with local investors. This will be done through courting new investors who will bring new technology and new skills,” said Prof Ncube.
“While the search for new investors is in progress, the Government is implementing a short-term roadmap of resuscitating the firm’s subsidiaries which include ZimChem, Lancashire Steel, and Buchwa Iron Mining Company (Bimco) among others.”
Acting Zisco board chair, Engineer Martin Manuhwa, said the Government should be commended for its commitment to the revival of Ziscosteel.
“At Ziscosteel we are delighted by the support and goodwill that the Government has accorded us. As usual, it is not the allocation but the ideas, discipline and innovation that creates wealth,” he said.
“The mantra is ‘make it in Zimbabwe.’ The support our board and management has got from the general public, the Government and business is tremendous. We are for growth, investment and reorganisation of Ziscosteel.”
The Government has noted short-term targets aimed at raising capital through the sale of waste and boulders as well as resuscitating mills to restart the manufacturing process, which are expected to benefit Lancashire Steel.
Prof Ncube said the revival of Ziscosteel will positively impact on job creation along the value chain, which covers companies such as the National Railways of Zimbabwe (NRZ) and Hwange Colliery among others.
Ziscosteel has a capacity to employing more than 5 000 workers.-chronicle.co.zw
