Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Essar to Make Steel at Refurbished Zimbabwe Plant Within 2 Years

Essar Steel Ltd.’s Zimbabwe unit will produce an annual 500,000 metric tons of the metal when it finishes the $650 million first phase of the refurbishment of a plant in the nation within two years, Industry Minister Joey Bimha said.

Essar bought state-owned Zisco, since renamed NewZim Steel, in 2010, but disagreements within the government over mineral rights owned by the unit prevented it starting up operations.

“Whilst revival plans are being undertaken by the government of Zimbabwe, Essar have also agreed to implement immediate interim measures that would inject funding into NewZim Steel and offer relief to workers,” Bimha told reporters today in the capital, Harare. The second-phase will see production rise to 1.2 million tons a year, the minister said.

Essar will pay $187 million of debt owned by Redcliff-based NewZim to Germany’s KfW development bank, said Firdhose Coovadia, Essar director for capital. A further $204 million will be paid to local creditors and $59 million to China’s Sino Sure Ltd.

The company also plans a 600-megawatt power plant, with half of its output going to NewZim and the rest sold to Zimbabwe power utility Zesa Holdings Ltd., Coovadia said. Essar got a license from the regulator to produce and transmit the power.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.