Since the signing of the deal that saw Mauritian manufacturing giant Essar Holdings taking over ZISCO last year with a capital injection of $750 million, production is still on hold.
Though workers were paid outstanding salaries, stakeholders like Lancashire Steel, which had expected a boom from the resuscitation of ZISCO, are concerned at the delays.
Essar has a 54 percent stake in NewZim Steel in a deal which relieved the state of $340 million in foreign and domestic liabilities. Ncube said the ministries of mines, energy, water, local government and transport were involved.
“We are working flat out to make ends meet on that deal. It’s only a matter of time and we will be talking of a changed situation for the better,” he said. At its peak, ZISCO employed 5 000 workers.
Post published in: Business