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Zimbabwe Wants Essar Steel Agreement Revised, NewsDay Reports

June 19 (Bloomberg) -- Zimbabwe must revise an agreement with Essar Africa Holdings Ltd. because it doesn’t comply with the country’s black ownership law, NewsDay reported, citing Mines Minister Obert Mpofu.

Essar, a unit of Mumbai-based Essar Group, owns 80 percent of New Zimbabwe Steel Ltd., formerly the Zimbabwe Iron and Steel Co., under a deal approved by the Cabinet, the Harare-based newspaper said.

Essar bought the state-owned steel group for a reported $750 million in March last year in an accord brokered by Industry Minister Welshman Ncube.

To contact the reporter on this story: Brian Latham in Johannesburg at in Harare at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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