The Industry and Commerce Ministry says it expects the newly opened Victoria Falls Stock Exchange to boost industry and manufacturing with improved investment opportunities especially for the resuscitation of steel sector companies whose inactivity has seen the country spending millions on imports.
Speaking at the launch of the VFEX which starts trading this morning Industry and Commerce minister Sekai Nzenza stressed the need to resuscitate Ziscosteel.
Ziscosteel was built with the capacity of producing 1 000 000 metric tonnes of liquid steel per annum. The company was producing an average of 300 000 metric tonnes of steel per year from the period 1998 to 2000. In 2008 production stopped and the big steel giant was reduced to depending on selling scrap metals and selling coke breeze to generate income.