Giant Steel Plant Roars Into Life, US$1bn Funding Secured

Afrochine Smelting — a subsidiary of the world’s largest stainless steel producer Tsingshan Holdings —has secured the US$1 billion needed for the establishment of a steel plant in Chivhu, Chronciles can report.

About 14 000 jobs will be created, of which 4 000 employees would be engaged directly, while 10 000 jobs will be generated from downstream and upstream opportunities.

Afrochine Smelting managing director Mr Benson Xu confirmed to The Sunday Mail that the funding for the project is already available.

“We already have funds enough to see the setting up of the project, and you may have heard the figure of US$1 billion. That is for the first phase, and we are ready to increase the investment in the following five years,” he said.

The company is currently setting up preliminary infrastructure such as administration facilities and staff quarters, including facilitating the provision of critical services like electricity and telecommunications by the relevant authorities.