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It suffered from a lack of experienced personnel and low level of production which meant high unit costs. In 1954, a debt of 1.7 million pounds sterling had to been written off as irrecoverable. In 1956, the loss-making situation was turned into a profit-making situation due to the formation of the
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It was wholly owned by the government of
Zimbabwe, until in November 2010, it invited bidders for a 64% stake of the ZISCO group of companies mainly to reduce or liquidate two large debts totalling $ 340 million, including $ 240 million to a German bank. 54% of the company is now in the hands of
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were no longer functional while its plants and equipment was now obsolete. As of early 2008, the company was producing less than 12,500 tonnes, far below the break-even capacity of 25,000 tonnes. By 2010, it could hardly pay its depleted workforce. It has been claimed that more than 200 former
102:) from Ripple Creek mine which is about 14 kilometers from ZISCO. Up to 70 million tonnes can be mined. Up to 200 million tonnes of limestone can be found on an open cast mine which is a few meters from ZISCO. Zimbabwe also has reserves of up to 22 billion tonnes of coal.
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In 1942, the colonial government founded the
Rhodesian Iron and Steel Commission (Riscom). It was sited at the steel plant at Redcliff, to develop the huge iron and limestone deposits nearby. In 1957, it changed its name to the
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Essar Africa
Holdings Ltd (India-based). The government of Zimbabwe still holds 36% and a consortium of private investors holds 10%. Up to 3,000 jobs were saved.
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The ZISCO group of companies include BIMCO, Lancashire Steel, Frontier Steel, ZISCO Distribution Centre. All these companies are 100% owned by ZISCO.
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and the denationalisation of the industry. In 1956, iron ore output from the company was 127,954 tons. By 1957, this had doubled to 257,166 tons.
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workers have died since 2011 because they were unable to pay for medicine or hospital treatment.
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39:. Over the years the company has faced many operational problems and corruption scandals.
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The
Manufacturing Economy of Southern Rhodesia: Problems and Prospects (1960)
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In 2000, Ziscosteel operated without a fully constituted board. Its
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188:"Welcome to Redcliff: the Zimbabwean steel town turned ghost town"
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In 1965, the company employed up to 2,900 people. In 1980, after
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62:Federation of Rhodesia and Nyasaland
186:Mahove, Christopher (31 May 2016).
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50:Rhodesian Iron and Steel Company
157:"Ziscosteel – What went wrong?"
155:Tambo, Butler (25 March 2017).
98:It gets raw materials (such as
17:Zimbabwe Iron and Steel Company
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27:. It is located just outside
217:(accessed 14 February 2008).
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234:Steel companies of Zimbabwe
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215:Rich partner for Zisco
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239:Iron and steel mills
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195:. Retrieved
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129:Google Books
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69:Independence
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192:Equal Times
161:Sunday News
21:steel works
228:Categories
106:References
197:30 April
166:30 April
100:iron ore
79:Problems
33:Redcliff
25:Zimbabwe
43:History
29:Kwekwe
54:Risco
31:, in
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168:2018
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23:in
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