Articles tagged 'ziscosteel'

Chinese billionaire back in Zim for Zisco deal 22 March 2018 HARARE - Chinese billionaire investor Zhang Li - worth $3,9 billion according to Forbes - is back in Zimbabwe to pursue the deal to acquire government-run iron processor, Ziscosteel (Zisco). Zhang Li co-chairs real estate developer Guangzhou R&F — which has massive properties in 28 cities, mos...
Zisco defers crucial meeting 7 February 2018 HARARE - Beleaguered steel maker, the Zimbabwe Iron and Steel Company (Zisco), has postponed its crucial extraordinary general meeting (EGM), which was scheduled for tomorrow, due to a “delay in the establishment of the data room containing documents for inspection”. The meeting was to discuss...
Ziscosteel revival on course 17 January 2018 HARARE - The revival of Zimbabwe Iron and Steel Company (Ziscosteel) is on course as the firm’s shareholders are set to meet next month to ratify its disposal to Hong Kong-based firm Tian Li. Ziscosteel chairperson Nyasha Makuvise yesterday said the company will hold an extraordinary general m...
Muderedzi: The 80s, 90s super sprinter 6 November 2017 HARARE - Growing up as a kid in Torwood, in the mining town of Redcliff, Kwekwe I learnt how to play football at an early age as this was part of the community responsibility of Ziscosteel company where my father used to work. While other young boys my age could be seen chasing wild cats which...
Govt failing to deliver on promises, commitments 5 September 2017 HARARE - Last week, President Robert Mugabe’s government announced yet another mega deal in the making. This time around, it’s billionaire Chinese investor, Zhang Li — co-founder and chairman of R&F — whom they are touting as the new survivor of collapsed iron and steel manufacturer Ziscosteel...
Parly summons Bimha over Zisco revival 13 June 2017 HARARE - Parliament has summoned Industry and Commerce  minister Mike Bimha over progress that government has made in scouting for an investor to revive Ziscosteel — once Africa's largest steelworks. In a schedule of portfolio and thematic committees of Parliament for this week, Bimha is set t...
Ziscosteel lays off workers 28 December 2016 HARARE - Ziscosteel — once Africa's largest steelworks — has retrenched its workers at its Redcliff plant in Kwekwe. Workers, who have gone for extended periods without salaries, said they had been served with a notice by the company indicating its retrenching almost all employees. The layo...
Zim moves to resuscitate Zisco 9 November 2016 HARARE - Finance minister Patrick Chinamasa has claimed that government may be forced to dig deeper into its depleting purse to revive Ziscosteel due to lack of foreign investors. “Industry minister Mike Bimha and I have been talking about Ziscosteel . . . unless Ziscosteel becomes operational...
Govt vets Zisco potential investors 7 November 2016 HARARE - Government, through the Industry ministry, is in the process of vetting six investors who have expressed interest in Kwekwe-based steel manufacturer Zimbabwe Iron and Steel Company (Ziscosteel), an official in the Industry ministry said. Industry ministry deputy minister Chiratidzo Ma...
Essar, Zisco deal exposes govt double standards 10 December 2015 HARARE - The recent collapse of the $750 million Essar deal to revive Ziscosteel exposes the Zanu PF-led government’s double standards when dealing with foreign investors. The deal, which was consummated in 2011 and celebrated as the biggest, post-independence transaction marking Zimbabwe’s tu...
Govt fires 3 000 Ziscosteel workers 27 November 2015 HARARE - Government yesterday announced plans to fire all Ziscosteel (Zisco) workers starting next month. In his 2016 National Budget statement presented in Parliament yesterday, Finance minister Patrick Chinamasa confirmed the collapse of the $750 million Essar deal. [GoogleAd] Chinamas...
Iron, steel producers still attracted to Zim: Bimha 30 June 2015 HARARE - Foreign iron and steel producers are still attracted to Zimbabwe despite a delay in the consummation of the Essar deal, Industry and Commerce minister Mike Bimha has said. Zimbabwe signed a $750 million deal in 2011 with Indian firm Essar Africa Holdings (Essar) to revive fortunes of ...
Essar, Zisco deal dithers 26 June 2015 VICTORIA FALLS - Industry minister Mike Bimha has conceded that the revival of Ziscosteel might take longer than anticipated due to some complications in the deal. “It’s a very complicated deal,” Bimha told delegates attending the ZNCC annual congress here on Wednesday. “We did something un...
Zim@35: From giant steel works to scrapyard 15 April 2015 HARARE - Thirty five years ago, Zimbabwe’s biggest integrated steelmaker, Ziscosteel, was the pride of the nation, a source of livelihood for a population of over 100 000 people in Redcliff. It used to employ over 6 000 workers. But today, it is a pale shadow of its former self, with the plant...
Time to act on Essar deal 19 March 2015 HARARE - Govevrnment’s threats this week to cancel Essar Africa’s licence to establish a 600 megawatt (MW) thermal power plant after the company failed to commence the project shows government’s ineptitude. Essar, the African unit of India’s Essar Group in November 2010 agreed to buy 54 percen...
Zim threatens to cancel Essar licence 18 March 2015 HARARE - Zimbabwe plans to cancel independent power producers (IPPs) licences —with a capacity to generate 5 000 megawatts (MW) — including Essar Africa (Essar)’s. Gloria Magombo, the Zimbabwe Energy Regulatory Authority (Zera) chief executive, yesterday told Parliament that the country was in...
NewZim Steel to retrench 26 September 2014 HARARE - Essar Africa Holdings (Essar) owned iron processor NewZim Steel – formerly Zisco Steel – plans to retrench once it resumes operations. The Redcliff-based steel maker, with a 3 000 workforce and has been dormant for more than five years, was acquired by the Indian group in 2011 in a $7...
Chinese firm awarded NewZim Steel tender 24 September 2014 HARARE - Indian firm Essar Africa Holdings Limited (Essar) and Zimbabwe government have awarded a tender to refurbish NewZim Steel’s – formerly Zisco Steel – plant to an undisclosed Chinese firm. Essar acquired a 54 percent stake in the government owned Redcliff-based steel maker in November 2...
Essar execs expected in Zim 3 July 2014 HARARE - Essar Africa Holdings Limited (Essar) executives are expected in Zimbabwe this Friday to engage the Mines ministry over plans to establish a thermal power station in the country. The Indian steel giant, which acquired a 54 percent stake in Zimbabwe's iron processor NewZim Steel – form...
Govt renegotiates Essar deal 3 July 2014 HARARE - Government and Essar Africa Holdings have renegotiated an improved Zimbabwe Iron and Steel Company (Ziscosteel) deal,  providing for a complete overhaul of the company’s equipment that has been lying idle for years. The African unit of India’s Essar Group in November 2011 agreed to bu...
Essar to build 600MW plant 12 May 2014 HARARE - Indian firm Essar Africa Holdings Limited (Essar) plans to build a 600 megawatt (MW) thermal power plant in Zimbabwe. The plant is expected to boost power supply to iron processor, NewZim Steel, formerly Zisco Steel. This comes as Zimbabwe has concluded a $750 million takeover deal...
Zim finalises $750m Essar deal 11 May 2014 HARARE - Zimbabwe says it has finally concluded a $750 million takeover deal of its giant iron processor Ziscosteel — now NewZim Steel — by Indian firm Essar Africa Holdings Limited. The deal, under which Essar acquired a 54 percent stake in the Kadoma-based steel maker, was agreed to in Novem...
Ziscosteel reopening deferred 13 February 2014 HARARE - The re-opening of NewZim Steel — formerly Ziscosteel — has been postponed due to extensive refurbishments taking place at the plant, Industry minister Mike Bimha has said. Bimha, who could not give specific dates for the revival of the steel giant — which has been dormant for nearly a...
Ziscosteel workers go for 3 years without pay 30 January 2014 HARARE - Ziscosteel workers have appealed to Nicholas Goche, minister of Labour and Social Welfare, to intervene and expedite payment of their outstanding salaries. The workers, through their lawyers Matsikidze, Mucheche legal practitioners, wrote to Goche highlighting problems they were facin...
Essar shelves iron ore plant construction 5 January 2014 HARARE - Essar Africa Holdings (Essar) has put on hold plans to build an iron ore beneficiation plant in Chivhu as government delays transferring reserves to the Indian firm. The Asian steel giant — holding a 54 percent stake in NewZim Steel, formerly state-owned Ziscosteel —indicated that it ...