Zimbabwe: ZISCO Placed Under Mutapa Investment Fund in Fresh Bid to Revive Collapsed Steel Giant

President Emmerson Mnangagwa has moved to place the defunct Zimbabwe Iron and Steel Company (ZISCO) under the Mutapa Investment Fund, in a move aimed at reviving the collapsed steelmaker.

The latest amendment means ZISCO, once the backbone of Zimbabwe's industrial sector but now lying idle after years of mismanagement and debt, will now be overseen by the Mutapa Investment Fund Board.

"His Excellency the President in terms of section 14(6) of Sovereign Wealth Fund of Zimbabwe Act [Chapter 22:201 (No. 7 of 2014), and after consulting the Mutapa Investment Fund Board. makes the following notice:

"This notice may be cited as the Sovereign Wealth Fund of Zimbabwe (Amendment of Fourth Schedule) Notice, 2026.

2.The Fourth Schedule ("Vesting of Shares of Certain Companies in Mutapa Investment Fund") to the Sovereign Wealth Fund of Zimbabwe Act [Chapter 22:201 (No. 7 of 2014) is amended by the addition of the following item-

"Zimbabwe Iron and Steel Company Limited, Registration Number 926/1956)".

The amendment means ZISCO has now been formally added to the list of companies whose shares are vested in the Mutapa Investment Fund, a state vehicle tasked with managing and commercialising government-owned assets.

The Steel giant was closed in January 2008 due to alleged systematic corruption and mismanagement.

At its peak, ZISCO employed more than 5000 employees and according to officials, it currently has around 400 workers.

For years, politicians have used ZISCO as a campaign talking point, pledging to revive it, but almost two decades on, those promises remain unfulfilled.

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