By Xinhua

HARARE: A senior Zimbabwean government official on Friday commended the progress in establishing the country’s largest integrated steel plant in the Manhize area of Chirumhanzu District, Midlands Province.

“The state-of-the-art facility is not only capable of producing high-quality steel products, but it is also poised to have a profound impact on our economy,” Minister of Industry and Commerce Sithembiso Nyoni said after touring the plant, which is nearing completion.

Through its local subsidiary, Dinson Iron and Steel Company (Disco), China’s Tsingshan Holding Group is constructing an integrated steel plant, which is expected to make Zimbabwe a major regional player in steel production.

Nyoni noted the plant, one of the largest investments by a private investor in the country, will create a significant number of direct and indirect jobs when it reaches full production capacity.

“The growth and development of the steel industry has a multiplier effect on other sectors, such as construction, infrastructure development, and manufacturing,” said Nyoni.

Once a regional steel giant, Zimbabwe shifted from producing to importing steel and iron products after the closure of Zisco, the state-run company, in 2008.

The country’s mining sector is highly diversified and strategic to the economy. Key resources include the platinum group metals, lithium, nickel, chrome, diamonds, and coal among others.

The mining sector accounted for 75.8 percent of its total export earnings in 2022, according to the Reserve Bank of Zimbabwe 2023 Monetary Policy Statement.

Tsingshan, which is active in the global stainless steel and nickel industry, is a major player in Zimbabwe’s mineral processing.