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Wednesday, June 7, 2023

Tsingshan Holdings to invest in power generation

By Bruce Chahwanda, Political Editor

THE board chairperson of global steel giant, Tsingshan Holdings, Mr Xiang Guangda says his company will assist Zimbabwe in solving power challenges.

The global steel giant boss met President Emmerson Mnangagwa at State House, Harare this Tuesday evening before signing an addendum to the memorandum of understanding between the government of Zimbabwe and Tsingshan Holdings.

Tsingshan Holdings is the parent company of Dinson Iron and Steel Company, which is implementing the Manhize Steel project in the Midlands Province.

Mr Xiang Guangda said his company is willing to invest in power generation to ensure there is enough power for local industry.

“Tsingshan has a long-term vision, we intend to use green energy to produce green products. Due to the fast development in industrialisation, the major challenge is power generation. We want to come up with a solution to these power challenges. To make sure we can supply power to the country as well as our investments, said Tsingshan Industry Board Chairperson, Xiang Guangda.

He said the group is into steel and nickel production with over 130 thousand employees across the globe.

“Tsingshan is a group of companies specializing in two areas, the first one is stainless steel and we are number one in the world. The second one is nickel we account for a 3rd of the world. Our investments are in line with China and President Xi Jinping’s Belt & Road Initiative. Last year, our company had a revenue of US$35 billion, he added.

The Manhize steel plant which will employ thousands of people is set to transform the area with a new city being established.

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