New US$500 000 steel company opens in Gweru Midlands Minister of State for Provincial Affairs and Devolution, Cde Owen Ncube (centre) is taken on a tour of the new steel wholesale in Gweru yesterday

Patrick Chitumba, [email protected] 

A fresh investment of US$500 000 has led to the inception of a steel processing and wholesale enterprise in Gweru which aims to supply vital infrastructure materials to various markets and strategically positions itself to harness downstream prospects from the colossal Dinson Iron and Steel plant in Manhize.

The company already supplies steel products across the province and plans to open more branches with a long-term focus on building a steel beneficiation plant to increase value earnings.

Trading under the name “Fast One Steel”, the venture has created 24 jobs and expects to recruit more locals once the Manhize steel plant, which is undergoing test-runs, starts producing at full throttle.

The development buttresses Zimbabwe’s attractiveness to new business investments in line with the Government’s National Development Strategy (NDS1).

Midlands Minister of State for Provincial Affairs and Devolution, Cde Owen Ncube conducted a tour of the young company on Tuesday and said the Government was pleased with the industrial expansion, which will boost the Provincial Gross Domestic Product (GDP).

He said the establishment of the firm comes at a time when the US$1,5 billion Manhize steel plant is set to become operational, which will breathe a new lease of life into the entire economy of Zimbabwe.

“This milestone achievement by our indigenous fellow citizens is evidence of the positive impact of the enabling steel investments, a steel hardware retailer recently established and supportive business environment created by the Second Republic under President Mnangagwa,” said Cde Ncube. 

“The establishment of Fast One Steel is an important development as steel is the backbone of mechanisation, construction, engineering, fabrication, foundry, mining, and agriculture and comes at that time when Dinson Iron and Steel Company in Manhize, Chirumanzu District, is set to start production soon.

“This investment in a steel hardware retailer, recently established and supported by the Government, demonstrates the success of policies aimed at promoting economic growth and industrial development. We look forward to this investment underpinning GDP growth.”

Minister Ncube said the investment also comes at an opportune time when Zimbabwe is witnessing the growth and expansion of the wider economy along value chains, and the attendant import substitution benefits, which extend to small to medium enterprises, youth, and women, ensuring that no one and no place is left behind.

Owned by a youthful Zimbabwean entrepreneur, Mr Parkstone Marecha, the new business is a clear testimony that “Zimbabwe is open for business” and showcases the fruits of the Second Republic’s philosophy “Nyika inovakwa nevene vayo/Ilizwe lakhiwa ngabaninilo”.

“We find pride in driving the development of our country. The development of the country is in the hands of us as Zimbabweans,” said Mr Marecha.

Minister Ncube (left) touring the steel wholesale in Gweru

He said although the business is sourcing the steel abroad, the revival of the steel industry in the country is critical for driving formidable economic growth and development of the country.

“We are here to support the vision of our President. By focusing on steel products, we believe we can play our part in the infrastructure development of our region,” said Mr Marecha.

Zimbabwe National Chamber of Commerce (ZNCC) Midlands provincial chairman, Mr Layton Reid, said the investment is expected to create jobs, stimulate economic activity, and contribute to the growth of the manufacturing sector in Zimbabwe.

Mr Reid said the steel processing and wholesale firm is expected to spur infrastructure development in Gweru, which aligns with the Government’s efforts to promote industrialisation and re-industrialisation.

“We believe we are going to see some massive growth as we start getting the necessary products to our doorsteps. The establishment of the firm is a huge step in the right direction,” he said.

 

 

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