Iron, steel sector targets US$6bn

Industry and Commerce Minister Dr Sekai Nzenza

The Iron and Steel and General Engineering Industry plans to generate US$6 billion and employ 50 000 people by 2026, officials have said.

This came out yesterday during the inauguration ceremony of the Strategic Leadership Association for Zimbabwe Engineering Iron and Steel Industry (SLAZEISI) in Harare.

The Government then said it will support the Iron and Steel and General Engineering Industry in order to achieve an increased availability of locally produced iron and steel products, and increased processing of scrap metal.

In a speech read on her behalf, Industry and Commerce Minister Dr Sekai Nzenza said the Government is presently implementing various measures such as the promotion of more investments and adoption of modern technologies in the iron and steel sector to ensure increased availability of local iron and steel products.

The investments are also aimed at strengthening the processing of scrap metals in the sector.

“Government has been prioritising increased production of local iron and steel production as a means to stabilise prices and promote economic growth,” said Dr Nzenza.

“Strategies are being implemented in order to resuscitate the iron and steel and general engineering industry that is securing investors in the iron and steel industry.”

Some of the strategies include resuscitating steel foundries and use of modern technologies in the sector, processing scrap metals into new steel products, strictly controlling scrap metal exports to ensure adequate throughput to domestic foundries and promotion of manufacturing of steel billets from scrap metal.

Other measures include facilitating increased supply of coal and electricity to the iron and steel industry, enhancing coke production for local foundries and resuscitating the machine tools and accessories manufacturing sub-sector.

Dr Nzenza said with the implementation of these strategies, the “industry is and will experience growth and work towards achieving its targets as outlined in the National Development Strategy 1 (NDS1)”.

Zimbabwe’s iron and steel sector is on a rise and the construction of a US$1 billion steel plant in Manhize, is expected to further boost the sector.

In addition, Ziscosteel is being revived by Kuvimba Mining House, as Zimbabwe moves to attain an upper middle class society.

Herald

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