China makes US$3b bid for Zim steel firm

HARARE – A Chinese corporation has offered US$3 billion for a 60 per cent stake in Zimbabwe’s struggling state-owned steel firm in what would be the largest investment by China in the African country, a government daily newspaper reported yesterday.

The Herald newspaper said Zimbabwe’s Ambassador to China Christopher Mutsvangwa said the Metallurgical Corporation of China (MCC) had put in an offer for shares in the troubled Zimbabwe Iron and Steel Company (Ziscosteel) and was now waiting for a response from Harare. “MCC applied for a 60 per cent stake in Ziscosteel after a meeting which was held between MCC officials and our government,” he was quoted as saying.President Robert Mugabe Mugabe’s government is battling to keep Ziscosteel – which is operating at around 30 per cent of its capacity – from collapsing after years of mismanagement.Nampa-Reuters”MCC applied for a 60 per cent stake in Ziscosteel after a meeting which was held between MCC officials and our government,” he was quoted as saying.President Robert Mugabe Mugabe’s government is battling to keep Ziscosteel – which is operating at around 30 per cent of its capacity – from collapsing after years of mismanagement.Nampa-Reuters