The Zimbabwean reported that a Zimbabwean government task force began work to revive the defunct Zimbabwe Iron and Steel Company. The task force, chaired by Industry and Commerce Minister Sekai Nzenza, also includes the ministers of finance and economic development, energy and power development, and mines and mining development. The group will assess the costs of refurbishing the company’s abandoned steel plant, along with plans to court investors and other financing strategies.
ZISCO, which once employed over 5,000 people, ceased production in 2008 at the height of Zimbabwe’s economic meltdown. Getting the company off the ground would help Zimbabwe renew the faith of allies like China, the country’s largest direct investor, despite Zimbabwe defaulting on US$2.2B worth of Chinese loans from 2000 to 2017.
Source: Steel Guru