Cabinet has approved that Kuvimba Mining House be engaged as the Investment partner for the resuscitation of the Zimbabwe Iron and Steel Company (ZISCO) steel.
Speaking during post cabinet briefing yesterday, the responsible ministry said the position came after due process was undertaken for the identification of an investor to partner in the operationalization of ZISCO Steel.
Meanwhile, ZISCO Steel is the largest steel works in Zimbabwe. It is located just outside Kwekwe, in Redcliff, Kwekwe District.
Over the years the company has faced many operational problems and corruption scandals and has of late been operating at next to nil capacity utilisation.
The Company stopped operations in January 2008, following three successive power outages from the national grid coupled with cooling water challenges leading to the cooling down of Coke Oven batteries and subsequently the cooling down of the Blast Furnace.
Zwnews
