Steel Industry News - Africa

3 Bills get Senate nod
Mon, 21 May 2018 15:01:00 GMT
Governments decision to take over Zisco debts followed attempts by two Indian firms to revive the steelmaking firms operations but have, for various reasons, failed. In 2006, another Indian company Global Steel Holdings Limited was given ...


Rusal increased revenue despite U.S. sanctions
Fri, 18 May 2018 00:00:00 GMT
Russian aluminum giant Rusal on April 11 warned of expected harm to its business from U.S. sanctions, sending its shares down more than 7% despite the company reporting a 20% jump in first-quarter core profit. Washington last month announced sanctions on Russian billionaire Oleg Deripaska and several companies in which he is a large shareholder, including Rusal, En+ Group and GAZ Group, in response to what the United States said were Russias malign activities. Though Rusal said longer-term...


Outrage over Zisco debt
Wed, 16 May 2018 00:16:00 GMT
HARARE Members of the public have spoken out strongly against the Zimbabwe Iron and Steel Company (Zisco)s Debt Assumption) Bill that aims to allow government to inherit about $500 million owed by the giant steel maker to domestic and external debtors.


Parly demands validation of $500m Zisco debt
Sun, 13 May 2018 15:54:00 GMT
Zisco ceased operations at the height of economic challenges in 2008 resulting in more 5 000 people losing jobs. Hopes for the revival of operations at the steel giant were rekindled in 2011 when an Indian steel manufacturer, Essar Global signed a $750 ...


Chinamasa looks at Zisco debt with rose tinted glasses
Thu, 10 May 2018 21:55:00 GMT
FINANCE and Economic Development minister Patrick Chinamasa says taking over the Zimbabwe Iron and Steel Company Limiteds (Ziscos) debt of $494,8 million will not add to the governments debt. In a second reading of the Zimbabwe Iron and Steel ...


Parly set to fast-track key Bills
Wed, 09 May 2018 15:21:00 GMT
Africa Moyo Business Reporter PARLIAMENT resumed sitting yesterday after a brief adjournment, amid high hopes that legislators will fast- track several Bills regarded as urgent such as the Zimbabwe Iron and Steel Company (Zisco) Debt Assumption Bill and ...


EDITORIAL COMMENT: Quick economic turnaround everyones business
Thu, 19 Apr 2018 16:24:00 GMT
As more FDI flows into the country, it is our hope that there will be a quick revival of strategic companies such as the National Railways of Zimbabwe and Zisco Steel, which are key to economic recovery. No country can competitively conduct business ...


IMF resumes lending to Chad following Glencore debt deal
Sun, 15 Apr 2018 00:00:00 GMT
The Central African oil producer reached an agreement in principle to restructure its more than $1 billion debt to Glencore and four banks.


Heat-Treated Steel Plates Market $133.54 billion Growing at CAGR ...
Fri, 13 Apr 2018 08:06:00 GMT
Essar Steel , Bloomberg L.P. Precision Steel Warehouse ... Saudi Arabia, South Africa and, Brazil among others. For customisation in report, Ask Our Experts xxx Data Bridge Market Research set ...


Economic Review: First Quarter 2018
Tue, 10 Apr 2018 18:08:00 GMT
The National Railways of Zimbabwe is on the path to recovery under the $400 million facility. We hope Zisco-Steel, CSC and Hwange Colliery will also come on board. There is nothing much on the stock market to talk about besides the re-correction of the bourse.


Audit Zisco before assuming debt
Thu, 29 Mar 2018 22:10:00 GMT
By and large, I think people are accepting that the debt must be assumed by the State because of the benefits that will accrue to steel industry, to Zisco former employees and to future employees, to the steel manufacturing sector and the downstream ...


$500m debt queried: Audit first before Zisco arrears takeover
Thu, 29 Mar 2018 16:24:00 GMT
Assumption of the Zisco Debt is part of initiatives aimed at attracting potential investment following a keen interest shown by the Hong Kong-based steel producer R and F, which last year signed a $1 billion deal to revive operations at the Redcliff steel ...


Parliament to push through Zisco debt bill by April end as
Wed, 28 Mar 2018 22:04:00 GMT
Government gazetted the Zisco Debt Assumption bill at the end of January to give ... The restart of Ziscosteel, which was the biggest integrated steel manufacturer in Africa before its collapse in 2008, is seen as key to reviving Zimbabwe's economy.


Chinese firms history of flouting Zim laws
Wed, 28 Mar 2018 15:10:00 GMT
We also have a Chinese firm that will be investing $1 billion into the revival of the Zisco steel industry the money could come to Zimbabwe. I can say that a lot of Chinese investors are coming, Baogang said. A 1998 agreement between Zimbabwe and ...


Mixed feelings over Zisco $500m debt takeover
Tue, 27 Mar 2018 05:45:00 GMT
THERE were mixed feelings from Harare residents over the government assumption of the Ziscosteel $500 million debt, with some suggesting that an audit of the comatose steel companys ... during public hearings on the Zisco Debt Assumption Bill 2018 ...


U.S. steel shares slump on more exemptions from Trump's tariffs
Thu, 22 Mar 2018 13:54:53 GMT
Brazil, Canada, Mexico South Korea and Europe. The exemptions are a path for further competitively priced steel supply, which could help to normalize U.S. pricing relative to global levels, said Philip Gibbs, an analyst at KeyBanc Capital Markets.


Trumps higher steel duty potential bane to BBB
Mon, 12 Mar 2018 09:00:00 GMT
It imports steel and aluminum from over 110 countries and territories, of which the top sources are Canada, Brazil, South Korea, Mexico, Russia, Turkey, Japan, Taiwan, Germany and India. It also imports from China, Thailand, South Africa and the United ...


Tangshan city will extend steel mill output restrictions from ...
Sun, 11 Mar 2018 21:36:00 GMT
Reuters - reported that Tangshan will extend production restrictions on steel mills after the current curbs expire next week. The document issued by Tangshan government formalized a draft outline issued in late February and included the same measures.


Anglo: Mining could be double its size
Sun, 11 Mar 2018 00:00:00 GMT
While Zimbabwes leadership change has sparked a race for the nations mineral riches among entrepreneurs and tiny explorers, big-name mining companies are taking a wait-and-see approach.


Bimha begs parly to back Zisco debt bill
Mon, 05 Mar 2018 16:07:00 GMT
... minister Mike Bimha appealed to parliament to support the Zisco debt assumption bill to facilitate the reopening of Zisco Steel which he claims will save the country about $350 million in steel imports while raking in over $1 billion export earnings ...


Number of news reports: 20