Zimbabwe Iron and Steel Company

Zimbabwe Iron and Steel Company (By Tapiwa Magweta) is the largest steel works in Zimbabwe. It is located just outside Kwekwe, in Redcliff. Over the years the company has faced many operational problems and has been dogged with countless corruption scandals. As of early 2008, the company was producing less than 12,500 tonnes, way below the break-even capacity of 25,000 tonnes.[1] It was wholly owned by the government of Zimbabwe until it invited bidders for a 64% stake of the ZISCO group of companies. 54% of the company is now in the hands of Essar Africa Holdings Ltd. The government of Zimbabwe holds 36% and a consortium of private investors holds 10%. The ZISCO group of companies include; BIMCO, Lancashire Steel, Frontier Steel, ZISCO Distribution Centre. All these companies are 100% owned by ZISCO. It gets raw materials from ripple creek mine which is about 14 kilometers from ZISCO. Lime stone is found on an open cast mine which is a few meters from ZISCO

References

  1. ↑ Rich partner for Zisco (accessed 14 February 2008).


This article is issued from Wikipedia - version of the 7/20/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.