New Ziscosteel deal nears finalisation

New Ziscosteel deal nears finalisation
Published: 22 July 2017
The government is on the verge of striking a deal with some foreign investors that will see the revival of Ziscosteel.

Addressing delegates during a Round Table Ministerial Conference in Bulawayo, the Minister of Industry and Commerce, Dr Mike Bimha said the collapse of the Esser deal has taught government to keep discussions closed but hinted that a major announcement is to be made soon once the deal is finalised.

In 2010, Essar Africa Holdings had agreed to buy 54 percent in Ziscosteel, with the government keeping 36 percent and 10 percent owned by minority investors in a US$750 million deal that eventually failed to materialise.

The collapse of the Essar deal became the second that failed to materialize after another one involving Global Steel Holdings in 2004 flopped.
- zbc
Tags: MikeBimha,

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