News from Zimbabwe Chronicle on March 19: Zimbabwe Iron and Steel Company (ZISCO) is doing a two-pronged approach: on the one hand, it attracts local capital to produce products that can be produced with existing technology; on the other hand, it attracts external capital to achieve Full revival.
The Minister of Industry and Commerce of Zimbabwe (Industry and Commerce Minister) Dr. Sekai Nzenza (Sekai Nzenza) said that the Zimbabwe Steel Company will improve the management system to increase the company's attractiveness to investors. At present, the board of directors charter has been signed, and the systems of corporate governance, performance management and loss control have been perfected.
Judicial audits are in progress and an internal audit system has also been established for the group and its subsidiaries-Lancashire Steel, ZimChem, and Buchwa.
Dr. Sekai Nzenza said: “ZISCO is taking a two-pronged approach to not only attract local investors to resume production, but also attract external investors for the company’s full recovery.” “For ZISCO, short-term The driving force comes from the improvement of ZISCO’s human capital."
"The important departments of finance, human resources, administration, security, market and law have been reorganized to meet the new challenges of ZISCO's full recovery. Lancashire Steel and BIMCO are looking for a new general manager to lead ZISCO's central government. Short-term transformation."
The steel industry is still vital to economic growth and development because it has a significant influence on upstream and downstream industries. It supports the energy sector through high demand for energy inputs. The mining sector provides raw materials such as ore and limestone, and the manufacturing sector provides raw materials. The government is already formulating a development strategy, hoping to build production capacity in the entire industrial chain of the steel industry.
Since 2006, several global steel giants including Essar Holdings, Jindal Steel & Power and Global Steel Holdings of India have repeatedly The proposal to acquire ZISCO failed, partly because of the lengthy approval process. ZISCO was Zimbabwe’s main source of foreign exchange before independence in 1980, but its production has been discontinued since 2008. Its bankruptcy was mainly due to poor management, aging equipment, and lack of funds. This factory once had an annual production capacity of 1 million tons of steel.
"The government will continue to pay attention to the revival of ZISCO from all aspects, including technological innovation, internal tapping of potential, and skills training, technical support and authorization brought to ZISCO with local and external investors." Dr. Nzenza said.
